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Marketable Securities
 12 Months Ended
Dec. 31, 2021
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
Marketable securities consisted of the following as of the periods presented (in thousands):
December 31, 2021
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses Fair Value
Marketable Securities
U.S. Treasury securities$157,681 $— $(404)$157,277 
Certificates of deposit6,495 — (5)6,490 
Corporate debt securities36,422 — (95)36,327 
Commercial paper
11,624 2 (6)11,620 
Asset-backed securities5,901 1 (7)5,895 
Total marketable securities$218,123 $3 $(517)$217,609 
    
December 31, 2020
Amortized Cost
Gross Unrealized Gains
Gross Unrealized LossesFair Value
Marketable Securities
Certificates of deposit$3,000 $— $— $3,000 
Total marketable securities$3,000 $— $— $3,000 
The Company’s marketable securities have been classified as available for sale. All available for sale debt securities are available for use in current operations. Accordingly, they have been classified as current.
Marketable securities in an unrealized loss position for less than 12 months consisted of the following as of December 31, 2021 ((in thousands):
Fair ValueGross Unrealized Loss
U.S. Treasury securities$143,590 $(404)
Certificates of deposit6,490 (5)
Corporate debt securities36,327 (95)
Commercial paper6,984 (6)
Asset-backed securities4,967 (7)
Total$198,358 $(517)
As of December 31, 2021, the Company had no marketable securities in a continuous loss position for 12 months or more. As of December 31, 2020, the Company had no marketable securities in a loss position.
The Company reviews the individual securities that have unrealized losses on a regular basis to evaluate whether any security has experienced other-than-temporary decline in fair value below amortized cost. The Company evaluates, among other factors, whether the Company has the intention to sell any of these marketable securities and whether it is more likely than not that the Company will be required to sell any securities before recovery of the amortized cost basis. Since the Company has the ability to hold its investments until maturity, and the decline in fair value was not due to any credit-related factor, no decline was deemed to be other-than-temporary.
The Company had no realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive income for the years ended December 31, 2021 and 2020.
The following summarizes the remaining contractual maturities of the Company’s marketable securities as of December 31, 2021:
Fair Value
One year or less$119,795 
Over one year through five years97,814 
Total marketable securities$217,609