Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Note 4. Marketable securities

The following table summarizes the Company's marketable securities (in thousands):


	As of March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	13,978	$	2	$	(2	)	$	13,978
U.S. treasury securities		73,688		—		(83	)		73,605
Corporate debt securities		84,305		—		(395	)		83,910
Total marketable securities	$	171,972	$	2	$	(480	)	$	171,494

The Company did not hold any marketable securities as of December 31, 2021.

The fair values of the Company's marketable securities by classification in the condensed consolidated balance sheets were as follows:


	As of March 31, 2022
Cash and cash equivalents	$	5,996
Marketable securities		165,498
Total	$	171,494

Marketable securities fair value by contractual maturity were as follows (in thousands):


	As of March 31, 2022
Due in one year or less	$	143,419
Due after one year through five years		28,075
Total	$	171,494

The following table summarizes the amount of gross unrealized losses and the estimated fair value of marketable securities in an unrealized loss position by length of time the securities have been in an unrealized loss position as of March 31, 2022 (in thousands):


	Less than 12 Months					12 Months or More				Total
	Gross Unrealized Losses			Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	$	(2	)	$	3,993	$	—	$	—	$	(2	)	$	3,993
U.S. treasury securities		(83	)		73,606		—		—		(83	)		73,606
Corporate debt securities		(395	)		81,151		—		—		(395	)		81,151
Total	$	(480	)	$	158,750	$	—	$	—	$	(480	)	$	158,750

As of March 31, 2022, the Company held 48 marketable securities in an unrealized loss position. These investments were in loss for less than 12 months and considered the loss to be temporary in nature. In accordance with the Company's investment policy, it places investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. The Company did not record any impairment charges related to its available-for-sale securities during the three months ended March 31, 2022 and 2021. The Company did not recognize any credit-related allowance to available-for-sale securities as of the three months ended March 31, 2022 and 2021. The Company does not intend to sell its marketable securities and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity.