CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2022

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

5. CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The Company’s cash equivalents and short-term investments are invested in the following (in thousands):

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	51,274	$	—	$	—	$	51,274
Total cash equivalents		51,274		—		—		51,274
Commercial paper		39,781		—		—		39,781
Corporate bonds		28,970		—		(156)		28,814
U.S. Treasury securities		19,896		—		(78)		19,818
Government bonds		14,846		—		(102)		14,744
Asset-backed securities		4,000		—		(2)		3,998
Total short-term investments		107,493		—		(338)		107,155
Total cash equivalents and short-term investments	$	158,767	$	—	$	(338)	$	158,429

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	46,521	$	—	$	—	$	46,521
Total cash equivalents		46,521		—		—		46,521
Commercial paper		70,401		—		—		70,401
Corporate bonds		65,645		—		(28)		65,617
Government bonds		36,487		—		(11)		36,476
Asset-backed securities		24,665		—		(10)		24,655
Total short-term investments		197,198		—		(49)		197,149
Total cash equivalents and short-term investments	$	243,719	$	—	$	(49)	$	243,670

During the year ended December 31, 2021, the Company made a $20.0 million investment in equity securities of a publicly-traded company. The Company records this investment at fair value within short-term investments, which was $1.1 million and $7.4 million as of the years ended December 31, 2022 and 2021. Prior to the investment, the Company entered into a subscription agreement to purchase the investment, resulting in a subscription agreement liability which was derecognized upon investment. During the years ended December 31, 2022 and 2021, the Company recorded an unrealized loss due to the change in fair value of the equity securities of $6.3 million and an unrealized loss due to the change in fair value of equity securities and the related subscription liability of $12.6 million, respectively, in interest and other (expense) income, net in the consolidated statements of operations.