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Marketable Securities
 6 Months Ended
Jun. 30, 2022
Marketable Securities [Abstract]  
Marketable Securities

4. Marketable Securities

The fair value of the Company’s marketable securities as of June 30, 2022 and December 31, 2021 is based on level 1 and level 2 inputs. The Company’s investments consist mainly of U.S. government and agency securities, government-sponsored bond obligations and certain other corporate debt securities. Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs. There were no transfers between levels within the hierarchy during the six months ended June 30, 2022 and the year ended December 31, 2021. The Company has assessed U.S. government treasuries as level 1 and all other marketable securities as level 2 within the fair value hierarchy of ASC 820. The Company classifies its entire investment portfolio as available-for-sale as defined in ASC 320, Debt Securities. Securities are carried at fair value with the unrealized gains (losses) reported in other comprehensive loss.

As of June 30, 2022 and December 31, 2021, none of the Company’s investments were determined to be other than temporarily impaired.

The following table summarizes the Company’s investments (in thousands):

 

 

 

June 30, 2022

 

 

 

Amortized
Cost

 

 

Unrealized
Gain

 

 

Unrealized
(Loss)

 

 

Estimated
Fair Value

 

Commercial paper

 

$

136,544

 

 

$

30

 

 

$

(558

)

 

$

136,016

 

Government and agency securities

 

 

40,139

 

 

 

—

 

 

 

(551

)

 

 

39,588

 

Corporate debt securities

 

 

6,054

 

 

 

—

 

 

 

(64

)

 

 

5,990

 

Total

 

$

182,737

 

 

$

30

 

 

$

(1,173

)

 

$

181,594

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Unrealized
Gain

 

 

Unrealized
(Loss)

 

 

Estimated
Fair Value

 

Commercial paper

 

$

179,151

 

 

$

38

 

 

$

(47

)

 

$

179,142

 

Corporate debt securities

 

 

31,244

 

 

 

—

 

 

 

(58

)

 

 

31,186

 

Government and agency securities

 

 

15,040

 

 

 

—

 

 

 

(11

)

 

 

15,029

 

Total

 

$

225,435

 

 

$

38

 

 

$

(116

)

 

$

225,357