Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable SecuritiesAt December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

At December 31, 2020, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	265,578	$	—	$	—	$	265,578
Commercial paper	21,489		—		—		21,489
U.S. treasury debt securities	51,731		80		(2)		51,809
Corporate debt securities	147,715		214		(47)		147,882
Foreign government debt securities	1,025		2		—		1,027
	$	487,538	$	296	$	(49)	$	487,785
Included in cash and cash equivalents	$	280,578	$	—	$	—	$	280,578
Included in marketable securities	$	206,960	$	296	$	(49)	$	207,207

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of December 31, 2021
Due within one year	$	138,637
Due in one to two years	91,423
Due in three to five years	—
	$	230,060

The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of December 31, 2021, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of December 31, 2021
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	46,553	$	(206)	$	—	$	—
Corporate debt securities	156,588		(334)		—		—
Total	$	203,141	$	(540)	$	—	$	—

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of December 31, 2021, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis.