5. CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

The Company’s cash equivalents and short-term investments are invested in the following (in thousands):

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During the year ended December 31, 2021, the Company made a $20.0 million investment in equity securities of a publicly-traded company. The Company records this investment at fair value within short-term investments, which was $1.1 million and $7.4 million as of the years ended December 31, 2022 and 2021. Prior to the investment, the Company entered into a subscription agreement to purchase the investment, resulting in a subscription agreement liability which was derecognized upon investment. During the years ended December 31, 2022 and 2021, the Company recorded an unrealized loss due to the change in fair value of the equity securities of $6.3 million and an unrealized loss due to the change in fair value of equity securities and the related subscription liability of $12.6 million, respectively, in interest and other (expense) income, net in the consolidated statements of operations.