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Marketable Securities
 3 Months Ended
Mar. 31, 2022
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
Marketable securities consisted of the following as of the periods presented (in thousands):
March 31, 2022
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses Fair Value
Marketable Securities
U.S. Treasury securities$196,282 $1 $(1,544)$194,739 
Certificates of deposit14,273 4 (43)14,234 
Corporate debt securities32,979 — (267)32,712 
Commercial paper
14,712 — (48)14,664 
Asset-backed securities5,187 — (9)5,178 
Total marketable securities$263,433 $5 $(1,911)$261,527 
    
December 31, 2021
Amortized Cost
Gross Unrealized Gains
Gross 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 papers11,624 2 (6)11,620 
Asset-backed securities5,901 1 (7)5,895 
Total marketable securities$218,123 $3 $(517)$217,609 
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 the periods presented (in thousands):
March 31, 2022December 31, 2021
Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. Treasury securities$179,056 $(1,544)$143,590 $(404)
Certificates of deposit11,727 (43)6,490 (5)
Corporate debt securities31,990 (267)36,327 (95)
Commercial paper14,663 (48)6,984 (6)
Asset-backed securities5,007 (9)4,967 (7)
Total$242,443 $(1,911)$198,358 $(517)
As of March 31, 2022 and December 31, 2021, the Company had no marketable securities in a continuous loss position for 12 months or more.
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 three months ended March 31, 2022 and 2021.
The following summarizes the remaining contractual maturities of the Company’s marketable securities as of March 31, 2022:
Fair Value
One year or less$240,174 
Over one year through five years21,353 
Total marketable securities$261,527