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Investments, Available-for-Sale
 9 Months Ended
Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]  
Investments, Available-for-Sale

6. Investments, Available-for-Sale

The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. In accordance with the Company’s investment policy, it has invested funds in available-for-sale investments as of September 30, 2021 and December 31, 2020.

The Company's available-for-sale investments consisted of the following (in thousands):

 

September 30, 2021

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

U.S. treasury securities

 

$

47,656

 

 

$

1

 

 

$

—

 

 

$

47,657

 

Certificates of deposit

 

 

736

 

 

 

—

 

 

 

—

 

 

 

736

 

Short-term investments, available-for-sale

 

$

48,392

 

 

$

1

 

 

$

—

 

 

$

48,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

6,006

 

 

$

—

 

 

$

(3

)

 

$

6,003

 

Certificates of deposit

 

 

953

 

 

 

—

 

 

 

—

 

 

 

953

 

Investments, available-for-sale

 

$

6,959

 

 

$

—

 

 

$

(3

)

 

$

6,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

215,185

 

 

$

—

 

 

$

(31

)

 

$

215,154

 

Short-term investments, available-for-sale

 

$

215,185

 

 

$

—

 

 

$

(31

)

 

$

215,154

 

 

The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of September 30, 2021 and December 31, 2020. Credit loss is limited due to the nature of the investments.