Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2021
Cash And Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

The amortized cost, unrealized gains and losses and fair values of cash equivalents and marketable securities were as follows (in thousands):

 

 

 

December 31, 2021

 

Description

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

79,281

 

 

$

—

 

 

$

—

 

 

$

79,281

 

Commercial paper

 

 

1,000

 

 

 

—

 

 

 

—

 

 

 

1,000

 

Corporate debt securities

 

 

1,031

 

 

 

—

 

 

 

—

 

 

 

1,031

 

Total cash equivalents

 

 

81,312

 

 

 

—

 

 

 

—

 

 

 

81,312

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of deposit

 

 

5,600

 

 

 

—

 

 

 

(6

)

 

 

5,594

 

Commercial paper

 

 

44,990

 

 

 

—

 

 

 

(16

)

 

 

44,974

 

Corporate debt securities

 

 

26,976

 

 

 

—

 

 

 

(23

)

 

 

26,953

 

U.S. treasuries

 

 

12,277

 

 

 

—

 

 

 

(8

)

 

 

12,269

 

U.S. government debt securities

 

 

2,000

 

 

 

—

 

 

 

(1

)

 

 

1,999

 

Asset backed securities

 

 

16,565

 

 

 

—

 

 

 

(8

)

 

 

16,557

 

Total short-term marketable securities

 

 

108,408

 

 

 

—

 

 

 

(62

)

 

 

108,346

 

Long-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Corporate debt securities

 

 

1,637

 

 

 

—

 

 

 

(6

)

 

 

1,631

 

U.S. treasuries

 

 

2,991

 

 

 

—

 

 

 

(5

)

 

 

2,986

 

Total long-term marketable securities

 

 

4,628

 

 

 

—

 

 

 

(11

)

 

 

4,617

 

Total

 

$

194,348

 

 

$

—

 

 

$

(73

)

 

$

194,275

 

 

 

 

December 31, 2020

 

Description

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

36,801

 

 

$

—

 

 

$

—

 

 

$

36,801

 

Total cash equivalents

 

 

36,801

 

 

 

—

 

 

 

—

 

 

 

36,801

 

Short-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

US treasuries

 

 

1,002

 

 

 

—

 

 

 

—

 

 

 

1,002

 

Total short-term marketable securities

 

 

1,002

 

 

 

—

 

 

 

—

 

 

 

1,002

 

Total

 

$

37,803

 

 

$

—

 

 

$

—

 

 

$

37,803

 

As of December 31, 2021 and 2020, the Company had a total of $206.3 million and $171.1 million in cash, cash equivalents and marketable securities, which includes $93.3 million and $170.1 million in cash and cash equivalents and $113.0 million and $1.0 million in marketable securities, respectively.

 

All marketable securities held as of December 31, 2021, had contractual effective maturities of less than two years. There have been no material realized gains or losses on marketable securities for the periods presented. As of December 31, 2021, the Company did not hold any individual securities in an unrealized loss position for 12 months or greater. The Company has the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by us, thus there has been no recognition of any other-than-temporary impairment in the year ended December 31, 2021, 2020 or 2019. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. Thus, the Company has not recorded an allowance for credit losses as of December 31, 2021. The Company will continue to assess the current and expected future economic and market conditions surrounding the COVID-19 pandemic, as further development arises.

See Note 4 for further information regarding the fair value of the Company’s financial instruments.