Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

v3.22.2
Marketable Securities
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

4. Marketable Securities

All marketable securities were considered available-for-sale as of June 30, 2022. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type are summarized in the table below (in thousands):

 

 

June 30, 2022

 

 

 

Amortized
Cost Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasuries classified as marketable securities

 

$

254,129

 

 

$

 

 

$

(1,020

)

 

$

253,109

 

Total available-for-sale securities

 

$

254,129

 

 

$

 

 

$

(1,020

)

 

$

253,109

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. As of June 30, 2022, the aggregate fair value of securities with remaining maturities of less than one year held by the Company in an unrealized loss position was $247.1 million. The aggregate fair value of securities with remaining maturities of more than one year held by the Company in an unrealized loss position was $6.0 million. The Company has the intent and ability to hold such securities until recovery and has determined that there has been no material change to its credit risk. As a result, the Company determined it did not hold any investments with a credit loss at June 30, 2022.

There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the three and six months ended June 30, 2021, and as a result, there were no reclassifications out of accumulated other comprehensive gain (loss) for the same periods.

The Company did not hold any marketable securities as of December 31, 2021.