As of September 30, 2022 and December 31, 2021, cash and cash equivalents and marketable securities were comprised of the following:


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
As of September 30, 2022
Money market funds included in cash and cash equivalents	$	10,510	$	—	$	—		$	10,510
Marketable securities:
U.S. Treasury notes		111,891		—		(344	)		111,547
U.S. Treasury bills		103,795		7		(187	)		103,615
Total	$	226,196	$	7	$	(531	)	$	225,672

As of December 31, 2021
Money market funds included in cash and cash equivalents	$	2,535	$	—	$	—		$	2,535
Marketable securities:
U.S. Treasury notes		7,439		—		—			7,439
Total	$	9,974	$	—	$	—		$	9,974

Interest receivable was $0.3 million and nil as of September 30, 2022 and December 31, 2021, respectively, and is included in other receivables.

Pursuant to the Company’s adoption of ASU 2016-13 and the related amendments thereto on January 1, 2022, the Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss on the condensed consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive loss. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the condensed consolidated statement of operations. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

The Company held marketable securities with an aggregate fair value of $194.8 million and nil that were in an unrealized loss position as of September 30, 2022 and December 31, 2021, respectively. These marketable securities have been in an unrealized loss position for less than twelve months. The unrealized losses as of September 30, 2022 were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. The Company does not intend to sell these securities and it is more likely than not that it will hold these investments for a period of time sufficient to recover the amortized cost. As a result, the Company did not record an allowance for credit losses or other impairment charges for its marketable securities for the three and nine months ended September 30, 2022 and 2021.

The Company recognized $0.5 million in net unrealized losses in other comprehensive loss in the three and nine months ended September 30, 2022 (nil in the three and nine months ended September 30, 2021).

The maturities of the Company’s money market funds included in cash and cash equivalents, and marketable securities is less than one year.