Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Note 4. Marketable securities

The following tables summarize the Company’s marketable securities accounted for as available-for-sale securities (in thousands, except years):


	June 30, 2022
	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	cost		gains		losses			fair value
US treasury securities	1 or less	$	46,566	$	—	$	(594	)		45,972
Commercial paper	1 or less		23,422		—		—			23,422
Corporate debt securities	1 or less		2,654		—		(15	)		2,639
Yankee debt security	1 or less		801		—		(2	)		799
Supranational debt security	1 or less		639		—		(2	)		637
US treasury securities	1-2		19,923		—		(610	)		19,313
Total		$	94,005	$	—	$	(1,223	)	$	92,782


	December 31, 2021
	Maturity	Amortized		Unrealized		Unrealized			Estimated
	(in years)	cost		gains		losses			fair value
US treasury securities	1 or less	$	18,116	$	—	$	(19	)	$	18,097
Corporate debt securities	1 or less		2,824		—		(2	)		2,822
Commercial paper	1 or less		31,566		—		—			31,566
Supranational debt securities	1 or less		1,503		—		—			1,503
US treasury securities	1-2		44,911		—		(141	)		44,770
Total		$	98,920	$	—	$	(162	)	$	98,758

As of June 30, 2022, there were 25 available-for-sale securities with an estimated fair value of $70.2 million that were in gross unrealized loss positions. None had been in such position for greater than 12 months. As of December 31, 2021, there were 19 available-for-sale securities with an estimated fair value of $68.0 million in gross unrealized loss positions.

As of June 30, 2022 and December 31, 2021, unrealized losses on available-for-sale securities are not attributed to credit risk. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s available-for-sale securities are due to market factors and interest rate increases. Additionally, the Company does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities before recovery of their amortized cost basis.