Available-For-Sale Debt Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company’s available-for-sale debt securities as of September 30, 2022 (in thousands). There were no available-for-sale debt securities held at December 31, 2021.


	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

U.S. government securities	$	7,960	$	—	$	(3)	$	7,957
U.S. government agency securities	30,515		23		(36)		30,501
Non-U.S. government securities	3,935		—		(18)		3,916
Corporate debt securities	21,748		—		(140)		21,608
Commercial paper	35,660		—		(56)		35,605
Total	$	99,817	$	23	$	(253)	$	99,587

There were no realized gains or losses related to available-for-sale debt securities for the three and nine months ended September 30, 2022.

As of September 30, 2022, the gross unrealized losses that have been in a continuous unrealized loss position for less than 12 months were $0.3 million, which were related to $82.9 million of available-for-sale debt securities. There were no gross unrealized losses that have been in a continuous unrealized loss position for more than 12 months.

The Company did not recognize any credit losses related to the Company’s debt securities during the three and nine months ended September 30, 2022. Unrealized losses related to available-for-sale debt securities are due to interest rate fluctuations as opposed to credit quality. The Company does not intend to sell these investments. In addition, it is more likely than not that the Company will not be required to sell them before recovery of the amortized cost basis, which may be at maturity.

The following table summarizes the maturities of our available-for-sale debt securities as of September 30, 2022, by contractual years-to-maturity (in thousands).


	Amortized Cost		Fair Value
Due within one year	$	96,804	$	96,606
Due after one year through three years	3,013		2,981
Total	$	99,817	$	99,587