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Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2022

Cash Equivalents and Marketable Securities

Cash Equivalents and Marketable Securities

3. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following at September 30, 2022 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
September 30, 2022	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Money market funds	$	210,705	$	—	$	—	$	—	$	210,705
Government agency securities		126,455		—		2		(2,911)		123,546
U.S. Treasuries		68,568		—		9		(425)		68,152
Commercial paper		42,134		—		—		(100)		42,034
Corporate notes/bonds		34,890		—		—		(866)		34,024
Total	$	482,752	$	—	$	11	$	(4,302)	$	478,461

Cash equivalents and marketable securities consisted of the following at December 31, 2021 (in thousands):


			Allowance		Gross		Gross
	Amortized		for Credit		Unrealized		Unrealized		Fair
December 31, 2021	Cost		Losses		Gains		Losses		Value
Cash equivalents and marketable securities:
Money market funds	$	203,519	$	—	$	—	$	—	$	203,519
U.S. Treasuries		124,016		—		1		(84)		123,933
Government agency securities		126,927		—		—		(228)		126,699
Commercial paper		89,699		—		1		(13)		89,687
Corporate notes/bonds		76,248		—		—		(170)		76,078
Total	$	620,409	$	—	$	2	$	(495)	$	619,916

As of September 30, 2022, the Company held three marketable securities that were in a continuous unrealized loss position. The Company neither intends to sell these marketable securities, nor does it believe that it is more-likely-than-not to conclude it will have to sell them before recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to it at maturity. Furthermore, the Company has determined that there were no material changes in the credit risk of the debt securities. As of September 30, 2022, the Company holds 25 securities with an aggregate fair value of $58.8 million that had remaining maturities between one and two years.

There were no realized gains or losses on available-for-sale securities during the nine months ended September 30, 2022 or 2021.