Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2022

Cash Equivalents And Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

Cash equivalents consist primarily of amounts invested in money market instruments, such as money market funds and repurchase agreements collateralized with securities issued by the U.S. government or its agencies. Our marketable securities consist of high investment grade fixed income securities that are primarily invested in commercial paper, corporate bonds, and U.S. government securities.

Cash equivalents and marketable securities classified as available-for-sale consisted of the following:


	June 30, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	99,569	$	—	$	—		$	99,569
Commercial paper		122,812		—		(21	)		122,791
Agency discount notes		34,937		—		(4	)		34,933
Total cash equivalents		257,318		—		(25	)		257,293
Marketable securities:
U.S. treasury notes		76,127		—		(151	)		75,976
Commercial paper		126,709		1		(207	)		126,503
Corporate debt securities		16,032		—		(45	)		15,987
Total marketable securities		218,868		1		(403	)		218,466
Total cash equivalents and marketable securities	$	476,186	$	1	$	(428	)	$	475,759


	December 31, 2021
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Estimated Fair Value
	(in thousands)
Cash equivalents:
Money market funds	$	176,115	$	—	$	—		$	176,115
Commercial paper		56,988		—		(2	)		56,986
Total cash equivalents		233,103		—		(2	)		233,101
Marketable securities:
U.S. treasury notes		76,518		—		(46	)		76,472
Commercial paper		167,761		2		(26	)		167,737
Corporate debt securities		122,548		—		(58	)		122,490
Supranational debt securities		27,046		—		(2	)		27,044
Total marketable securities		393,873		2		(132	)		393,743
Total cash equivalents and marketable securities	$	626,976	$	2	$	(134	)	$	626,844

There have been no significant realized gains or losses on available-for-sale securities for the periods presented. There were no available-for-sale securities that have been in a continuous unrealized loss position for more than 12 months. As of June 30, 2022 and December 31, 2021, our marketable securities have average contractual maturities of approximately six months. We believe that we have the ability to realize the full value of all of these investments upon their respective maturities.