Marketable Securities

3 Months Ended

Mar. 31, 2022

NOTE 3. MARKETABLE SECURITIES

Marketable securities consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities, short-term
Commercial paper	$	47,961	$	—	$	—		$	47,961
Corporate debt securities		15,373		—		(117	)		15,256
Asset-backed securities		8,077		—		(45	)		8,032
U.S. treasury securities		9,093		—		(16	)		9,077

Total available-for-sale securities, short-term		80,505		—		(178	)		80,326
Available-for-sale securities, long-term
Corporate debt securities		9,275		—		(227	)		9,048
Asset-backed securities		7,033		—		(107	)		6,926
U.S. treasury securities		11,985		—		(302	)		11,684

Total available-for-sale securities, long-term		28,294		—		(636	)		27,658

Total available-for-sale securities	$	108,798	$	—	$	(814	)	$	107,984


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Available-for-sale securities, short-term
Commercial paper	$	47,939	$	—	$	—		$	47,939
Corporate debt securities		7,992		—		(11	)		7,981
Asset-backed securities		16,177		—		(22	)		16,155

Total available-for-sale securities, short-term		72,108		—		(33	)		72,075
Available-for-sale securities, long-term
Corporate debt securities		16,816		—		(103	)		16,713
Asset-backed securities		3,013		—		(25	)		2,988
U.S. treasury securities		11,988		—		(70	)		11,918

Total available-for-sale securities, long-term		31,817		—		(198	)		31,619

Total available-for-sale securities	$	103,925	$	—	$	(231	)	$	103,694

As of March 31, 2022, the Company’s

available-for-sale

securities classified as short-term mature in one year or less and the Company’s

available-for-sale

securities classified as long-term mature in less than two years. All of the Company’s

available-for-sale

marketable securities in an unrealized loss position as of March 31, 2022 were in a loss position for less than twelve months. Unrealized losses on

available-for-sale

securities as of March 31, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no other-than-temporary impairment was recorded for the three months ended March 31, 2022. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.