Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of available-for-sale securities

The amortized cost and fair value of investments in fixed maturities classified as available-for-sale as of March 31, 2022 (unaudited) and December 31, 2021 are presented below (in thousands):

	As of March 31, 2022 (Unaudited)
	Amortized Cost		ACL		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Marketable securities - restricted
Corporate debt securities	$	2,741	$	—	$	—	$	(3)	$	2,738
U.S. treasury and agency securities	40,088		—		—		(439)		39,649
Commercial paper	18,550		—		—		—		18,550
Asset backed securities	6,234		—		—		(22)		6,212
Total marketable securities - restricted	$	67,613	$	—	$	—	$	(464)	$	67,149

	As of December 31, 2021
	Amortized Cost		ACL		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Marketable securities - restricted
Corporate debt securities	$	2,547	$	—	$	—	$	(2)	$	2,545
U.S. treasury securities	35,385		—		—		(104)		35,281
Commercial paper	16,081		—		—		—		16,081
Asset backed securities	8,728		—		—		(10)		8,718
Total marketable securities - restricted	$	62,741	$	—	$	—	$	(116)	$	62,625

Schedule of amortized cost and estimated fair value of marketable securities

The amortized cost and estimated fair value of marketable securities as of March 31, 2022 (unaudited) and December 31, 2021 and are shown below by contractual maturity (in thousands):

	As of March 31, 2022 (unaudited)
	Amortized Cost		Estimated Fair Value
Due within one year	$	52,471	$	52,298
Due between one to five years	15,142		14,851
	$	67,613	$	67,149

	As of December 31, 2021
	Amortized Cost		Estimated Fair Value
Due within one year	$	41,603	$	41,596
Due between one to five years	21,138		21,029
	$	62,741	$	62,625

Schedule of unrealized loss on investments

The following table summarizes, for all fixed maturities classified as available-for-sale in an unrealized loss position at March 31, 2022, the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in Note 2, Fair Value. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in Note 1, Basis of Presentation and Significant Accounting Policies in the Company’s 2021 Annual Report in determining whether a credit loss impairment exists.

	As of March 31, 2022 (unaudited)
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Marketable securities - restricted
Corporate debt securities	$	732	$	(3)	$	—	$	—	$	732	$	(3)
U.S. treasury and agency securities	39,649		(439)		—		—		39,649		(439)
Commercial paper	1,006		—		—		—		1,006		—
Asset backed securities	6,212		(22)		—		—		6,212		(22)
Total in an unrealized loss position	$	47,599	$	(464)	$	—	$	—	$	47,599	$	(464)

	As of December 31, 2021
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Marketable securities - restricted
Corporate debt securities	$	737	$	(2)	$	—	$	—	$	737	$	(2)
U.S. treasury and agency securities	31,809		(104)		—		—		31,809		(104)
Commercial paper	1,808		—		—		—		1,808		—
Asset backed securities	8,716		(10)		—		—		8,716		(10)
Total in an unrealized loss position	$	43,070	$	(116)	$	—	$	—	$	43,070	$	(116)