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Marketable Securities | 6 Months Ended
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Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 7. Marketable Securities Marketable securities consist of corporate bonds, commercial paper, and U.S. Treasury and agency bonds, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of between one and six months as of June 30, 2022. The following presents information about the Company’s marketable securities:
|  | As of June 30, 2022 |
Sector |  | Amortized Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair Value |
Financial |  | $ | 99,399 |  |  | $ | - |  |  | $ | (203 | ) |  | $ | 99,196 |
Government |  |  | 48,351 |  |  |  | - |  |  |  | (60 | ) |  |  | 48,291 |
Total |  | $ | 147,750 |  |  | $ | - |  |  | $ | (263 | ) |  | $ | 147,487 |
The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 6. The fair values of the remaining major security types are classified as Level 2. The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings as of:
|  | As of June 30, 2022 |  |  | As of December 31, 2021 |
Aggregate fair value of investments with unrealized losses (1) |  | $ | 147,487 |  |  | $ | - |
Aggregate amount of unrealized losses |  |  | (263 | ) |  |  | - |
(1) | Investments have been in a continuous loss position for less than 12 months
The Company's held-to-maturity investments are debt instruments with fixed interest rates. Interest rates have increased in the period subsequent to the purchase of the investments. In general, increasing interest rates decrease the value of fixed rate debt instruments. Management believes the unrealized losses on the Company's held-to-maturity portfolio is primarily driven by increases in interest rates. Management considered the short time maturity of the investments, quality of the investments, and its intent and ability to hold the investments to maturity and determined the loss to be temporary.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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