Short-Term Investments

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Short-Term Investments

Note 4. Short-Term Investments

The following table summarizes short-term investments:

	As of June 30, 2022
			Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Estimated Fair Value
Commercial paper	$	8,863	$	—	$	(1	)	$	8,862
Corporate debt securities		21,158		—		(415	)		20,743
Government and agency securities		30,465		—		(368	)		30,097
Total short-term investments	$	60,486	$	—	$	(784	)	$	59,702
	As of December 31, 2021
			Unrealized
(in thousands)	Amortized Cost		Gains		Losses			Estimated Fair Value
Commercial paper	$	13,987	$	—	$	—		$	13,987
Corporate debt securities		14,117		—		(100	)		14,017
Government and agency securities		12,439		—		(64	)		12,375
Total short-term investments	$	40,543	$	—	$	(164	)	$	40,379

The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. As of June 30, 2022, the Company held 34 securities, with an aggregate fair value of $51.8 million, in an unrealized loss position. These

securities have not been in a continuous loss position for more than 12 months and there were no individual securities that were in a significant unrealized loss position as of June 30, 2022. The Company does not generally intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. As such, the Company has classified these losses as temporary in nature.

The following table summarizes the maturities of the Company's short-term investments at June 30, 2022:

	Amortized Cost		Estimated Fair Value
Due in one year or less	$	49,040	$	48,668
Due after one year through three years		11,446		11,034
Total short-term investments	$	60,486	$	59,702