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Investment Securities | 9 Months Ended
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Sep. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Investment Securities | 5. Investment Securities The Company’s investment policy defines allowable investment securities 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 marketable securities. The cost, gross unrealized holding gains, gross unrealized holding losses, allowances for credit losses and fair value of available-for-sale investments by types, maturities and classes of securities at September 30, 2021 and December 31, 2020 consisted of the following (in thousands):
|  |  |  | As of September 30, 2021 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  | Allowance |  |  | Fair |
|  |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Market |
|  | Maturity |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
Certificates of deposits |  | Within 1 year |  | $ | 2,853 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | 2,852 |
U.S. Treasury securities |  | Within 1 year |  |  | 10,066 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  | $ | 10,067 |
Certificates of deposits |  | 1 year to 2 years |  |  | 3,137 |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | 3,135 |
U.S. Treasury securities |  | 1 year to 2 years |  |  | 20,004 |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | 20,002 |
Total |  |  |  | $ | 36,060 |  |  | $ | 1 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 36,056 |
|  |  |  | As of December 31, 2020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Estimated |
|  |  |  |  |  |  |  |  |  |  |  |  | Allowance |  |  | Fair |
|  |  |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for Credit |  |  | Market |
|  | Maturity |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
Certificates of deposits |  | Within 1 year |  | $ | 1,750 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,754 |
U.S. Treasury securities |  | Within 1 year |  |  | 31,806 |  |  |  | 152 |  |  |  | — |  |  |  | — |  |  |  | 31,958 |
Total |  |  |  | $ | 33,556 |  |  | $ | 156 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,712 |
The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. At September 30, 2021 there were 19 securities in an unrealized loss position. The Company evaluated the securities individually for other-than-temporary impairment and considered the decline in market value to be primarily attributable to changes in interest rates. Each security remained at a high credit quality rating and the unrealized losses of each security was immaterial. Further, there had been no adverse conditions noted for any of the issuers and Company does not intend to sell any of the securities prior to maturity. As such, the Company has classified the losses as temporary in nature and the Company did not record a reserve for credit losses. At December 31, 2020, there were no securities in an unrealized loss position. As of September 30, 2021, the Company held 25 domestic certificates of deposit with amortized costs below the Federal Deposit Insurance Corporation (“FDIC”) insured limit. Accrued interest receivable on available-for-sale investment securities, included in prepaids and other current assets on the Company’s balance sheets, was less than $0.1 million at September 30, 2021 and December 31, 2020.

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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 http://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 http://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 http://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 http://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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