As of September 30, 2022, the Company held $277.6 million in cash and cash equivalents and $77.1 million of marketable securities which are reported at fair value on the Company's Consolidated Balance Sheets. Unrealized holding gains and losses are generally reported within other comprehensive loss in the Company's Consolidated Statements of Comprehensive Loss. If a decline in the fair value of a marketable security below the Company's cost basis is determined to be other-than-temporary or if an available-for-sale debt security’s fair value is determined to be less than the amortized cost and the Company intends or is more than likely to sell the security before recovery and it is not considered a credit loss, such security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge. If the unrealized loss of an available-for-sale debt security is determined to be a result of credit loss, the Company would recognize an allowance and the corresponding credit loss would be included in earnings.

The Company regularly invests excess operating cash in deposits with major financial institutions, money market funds, notes issued by the U.S. government, as well as fixed income investments and U.S. bond funds, both of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated as many of these securities are either government backed or of the highest credit rating. Investments that have original maturities greater than three months but less than one year are classified as current.


	As of September 30, 2022
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	277,592	$	—	$	—	$	277,592
U.S. government agency bonds	40,042		—		(87)		39,955
Commercial paper	36,821		—		(69)		36,752
Money market	350		—		—		350
Certificates of deposit	51		—		—		51
	$	354,856	$	—	$	(156)	$	354,700
Included in cash and cash equivalents	$	277,592	$	—	$	—	$	277,592
Included in marketable securities	77,264		—		(156)		77,108
Total cash, cash equivalents, and marketable securities	$	354,856	$	—	$	(156)	$	354,700


	As of December 31, 2021
(in thousands)	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Cash and cash equivalents	$	245,197	$	—	$	—	$	245,197
Commercial paper	174,578		7		(54)		174,531
Corporate debt securities	32,322		—		(11)		32,311
Asset-backed securities	30,070		—		(14)		30,056
Money market	350		—		—		350
Certificate of deposit	51		—		—		51
	$	482,568	$	7	$	(79)	$	482,496
Included in cash and cash equivalents	$	245,197	$	—	$	—	$	245,197
Included in marketable securities	237,371		7		(79)		237,299
Total cash, cash equivalents, and marketable securities	$	482,568	$	7	$	(79)	$	482,496

Unrealized loss positions in the marketable securities as of September 30, 2022 and December 31, 2021 reflect temporary impairments and are not a result of credit loss. Additionally, as these positions have been in a loss position for less than twelve months and the Company does not intend to sell these securities before recovery, the losses are recognized in other comprehensive (loss) gain. The fair value of these marketable securities in unrealized loss positions was $76.7 million and $173.4 million as of September 30, 2022 and December 31, 2021, respectively.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.


	As of September 30,
(in thousands)	2022		2021
Cash and cash equivalents	$	277,592	$	385,903
Restricted cash	3,941		3,168
Cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	281,533	$	389,071