Investments

9 Months Ended

Sep. 30, 2021

Investments Debt And Equity Securities [Abstract]

5.	Investments

Available-for-sale investments consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
U.S. government debt securities	$	277,331	$	87	$	—		$	277,418
Corporate bonds		15,225		1		(5	)		15,221
Total short-term marketable securities	$	292,556	$	88	$	(5	)	$	292,639
Long-term marketable securities
U.S. government debt securities	$	204,694	$	6	$	(74	)	$	204,626
Corporate bonds		12,761		—		(8	)		12,753
Total long-term marketable securities	$	217,455	$	6	$	(82	)	$	217,379

	December 31, 2020
	Amortized Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Short-term marketable securities
U.S. government debt securities	$	552,539	$	723	$	(10	)	$	553,252
Corporate bonds		11,497		86		(2	)		11,581
Total short-term marketable securities	$	564,036	$	809	$	(12	)	$	564,833
Long-term marketable securities
U.S. government debt securities	$	118,429	$	98	$	(2	)	$	118,525
Total long-term marketable securities	$	118,429	$	98	$	(2	)	$	118,525

All the U.S. government debt securities and corporate bonds designated as short-term marketable securities have an effective maturity date that is equal to or less than one year from the respective balance sheet date. Those that are designated as long-term marketable securities have an effective maturity date that is more than one year from the respective balance sheet date.

Accrued interest receivable is excluded from the amortized cost and estimated fair value of our marketable securities. Accrued interest receivable of $2.0 million and $2.5 million were presented separately within the prepaid expenses and other current assets line item on our unaudited condensed consolidated balance sheet as of September 30, 2021 and on our condensed consolidated balance sheet as of December 31, 2020, respectively.

The following table presents the gross unrealized holding losses and fair value for investments in an unrealized loss position, and the length of time individual securities have been in a continuous loss position, as of September 30, 2021 (in thousands):

	Less Than 12 Months					12 Months Or Greater
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
U.S. government debt securities	$	163,664	$	(74	)	$	—	$	—
Corporate bonds		22,888		(13	)		—		—
Total available-for-sale securities	$	186,552	$	(87	)	$	—	$	—

We periodically review our available-for-sale securities to assess for credit impairment. Some of the factors considered in assessing impairment include the extent to which the fair value is less than the amortized cost basis, adverse conditions related to the security, an industry or geographic area, changes to security ratings or sector credit ratings and other relevant market data.

As of September 30, 2021, we did not intend, nor were we more likely than not to be required, to sell our available-for-sale investments before the recovery of their amortized cost basis, which may be maturity. Based on our assessment, we concluded all impairment as of September 30, 2021 to be due to factors other than credit loss, such as changes in interest rates. A credit allowance was not recognized and the impairment of our available-for-sale securities was recorded in other comprehensive loss.