Quarterly report pursuant to Section 13 or 15(d)

Investments

v3.22.2.2
Investments
 9 Months Ended
Sep. 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.
September 30, 2022
Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value
(In thousands)
U.S. Treasury securities $ 35,719  $ —  $ (588) $ 35,131 
Corporate bonds 37,894  —  (547) 37,347 
Total available-for-sale investments $ 73,613  $ —  $ (1,135) $ 72,478 
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 September 30, 2022 and December 31, 2021, respectively.
September 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 $ 35,131  $ (588) $ 8,141  $ 13 
Total $ 35,131  $ (588) $ 8,141  $ 13 
Corporate bonds
Less than 12 months $ 37,347  $ (547) $ 5,640  $ 2 
Total $ 37,347  $ (547) $ 5,640  $ 2 
The Company does not believe these AFS investments to be other-than-temporarily impaired as of September 30, 2022 and December 31, 2021.
There were no material realized gains or losses on AFS investments during the three and nine months ended September 30, 2022 and September 30, 2021.
There were no AFS investments with maturities greater than 12 months at September 30, 2022. Actual maturities may differ from the contractual maturities because the Company may sell these investments prematurely.