The aggregate related fair value of investments with unrealized losses as of September 30, 2022 was $511.2 million, which consisted of $170.5 million from U.S. government agency securities, $3.1 million of certificates of deposit, $124.7 million of commercial paper, and $212.9 million of corporate notes/bonds. $108.2 million of the aggregate fair value of investments with unrealized losses as of September 30, 2022 has been held in a continuous unrealized loss position for over 12 months, with the remaining $403.0 million held in a continuous unrealized loss position for less than 12 months. As of September 30, 2022, $36.0 million of the commercial paper balance is listed as cash equivalents. As of December 31, 2021, the aggregate related fair value of investments with unrealized losses was $263.5 million. $9.5 million of the aggregate fair value of investments with unrealized losses as of December 31, 2021 has been held in a continuous unrealized loss position for over than 12 months, with the remaining $254.1 million held in a continuous unrealized loss position for less than 12 months.

The Company reviewed all of the investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. The Company has analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.