Quarterly report pursuant to Section 13 or 15(d)

Investments

v3.22.2
Investments
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Available-for-sale Investments
The Company began investing in available-for-sale (“AFS”) investments in the fourth quarter of 2021. The following table summarizes our AFS investments. These are classified as "Short-term investments" on the condensed consolidated balance sheets.
June 30, 2022
Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value
(In thousands)
U.S. Treasury securities $ 53,229  $ —  $ (525) $ 52,704 
Corporate bonds 46,015  —  (432) 45,583 
Total available-for-sale investments $ 99,244  $ —  $ (957) $ 98,287 
December 31, 2021
Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value
(In thousands)
U.S. Treasury securities $ 8,154  $ —  $ (13) $ 8,141 
Corporate bonds 7,343  1  (2) 7,342 
Total available-for-sale investments $ 15,497  $ 1  $ (15) $ 15,483 
The following table presents the breakdown of the AFS investments in an unrealized loss position as of June 30, 2022 and December 31, 2021, respectively.
June 30, 2022
December 31, 2021
Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss
(In thousands)
U.S. Treasury securities
Less than 12 months $ 52,704  $ 525  $ 8,141  $ 13 
Total $ 52,704  $ 525  $ 8,141  $ 13 
Corporate bonds
Less than 12 months $ 45,583  $ 432  $ 5,640  $ 2 
Total $ 45,583  $ 432  $ 5,640  $ 2 
The Company does not believe these AFS investments to be other-than-temporarily impaired as of June 30, 2022 and December 31, 2021.
There were no realized gains or losses on AFS investments during the three and six months ended June 30, 2022 and June 30, 2021.
All remaining contractual maturities of AFS investments held at June 30, 2022 are as follows:
Less than 12 months
Fair value Gross unrealized losses
(In thousands)
Corporate bonds $ 45,583  $ (432)
U.S. Treasury securities 52,704 (525)
Total $ 98,287  $ (957)
There were no AFS investments with maturities greater than 12 months at June 30, 2022. Actual maturities may differ from the contractual maturities because the Company may sell these investments prematurely.