Marketable Securities

6 Months Ended

Jun. 30, 2022

5. Marketable Securities

Available-for-sale marketable securities were as follows (in thousands):


	June 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	73,892	$	—	$	—		$	73,892
Corporate debt		21,765		—		(37	)		21,728
U.S. government agency		47,051		—		(225	)		46,826
Total	$	142,708	$	—	$	(262	)	$	142,446


	December 31, 2021(1)
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	43,969	$	—	$	—		$	43,969
Corporate debt		17,084		—		(12	)		17,072
U.S. government agency		5,056		—		(3	)		5,053
Asset-backed securities		7,695		—		(5	)		7,690
Total	$	73,804	$	—	$	(20	)	$	73,784

(1) These items have been reclassified to conform to current period presentation.

All of the Company’s available-for-sale debt marketable securities held as of June 30, 2022 had contractual maturities of less than one year. The Company had 15 securities in an unrealized loss position with an aggregate related fair value of $64.1 million as of June 30, 2022. All securities in an unrealized loss position as of June 30, 2022 had been in a loss position for less than 12 months. Unrealized losses on available-for-sale marketable securities as of June 30, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no allowance for credit losses related to the Company’s available-for-sale marketable securities was recorded for the six months ended June 30, 2022. The Company does not intend to sell these securities or expect to be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.