Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable securities

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

	As of June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	5,995	$	—	$	(3	)	$	5,992
U.S. treasury securities		50,822		—		(249	)		50,573
Corporate debt securities		88,610		—		(852	)		87,758
Total	$	145,427	$	—	$	(1,104	)	$	144,323

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

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

	As of June 30, 2022
Due in one year or less	$	129,730
Due after one year through five years		14,593
Total	$	144,323

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 June 30, 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	$	(3	)	$	5,992	$	—	$	—	$	(3	)	$	5,992
U.S. treasury securities		(249	)		50,573		—		—		(249	)		50,573
Corporate debt securities		(852	)		87,758		—		—		(852	)		87,758
Total	$	(1,104	)	$	144,323	$	—	$	—	$	(1,104	)	$	144,323

As of June 30, 2022, the Company held 48 marketable securities in an unrealized loss position. These investments were in loss for less than 12 months and the Company considers 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 and six months ended June 30, 2022 and 2021. The Company did not recognize any credit-related allowance to available-for-sale securities as of the three and six months ended June 30, 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.