| Available-for-Sale Securities |
4. Available-for-Sale Securities The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in the Company’s condensed consolidated balance sheets (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
|
Amortized Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury money market funds |
|
$ |
61,978 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
61,978 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
89,548 |
|
|
|
— |
|
|
|
(497 |
) |
|
|
89,051 |
|
Commercial paper |
|
|
122,562 |
|
|
|
— |
|
|
|
(571 |
) |
|
|
121,991 |
|
U.S. agency bonds |
|
|
15,000 |
|
|
|
— |
|
|
|
(112 |
) |
|
|
14,888 |
|
Total available-for-sale securities |
|
$ |
289,088 |
|
|
$ |
— |
|
|
$ |
(1,180 |
) |
|
$ |
287,908 |
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
2,475 |
|
Total cash, cash equivalent and marketable securities |
|
|
|
|
|
|
|
|
|
|
$ |
290,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
|
|
Amortized Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury money market funds |
|
$ |
60,375 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60,375 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
82,204 |
|
|
|
— |
|
|
|
(98 |
) |
|
|
82,106 |
|
Commercial paper |
|
|
46,678 |
|
|
|
13 |
|
|
|
(4 |
) |
|
|
46,687 |
|
Corporate debt securities |
|
|
15,486 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
15,481 |
|
U.S. agency bonds |
|
|
1,200 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
1,199 |
|
Total available-for-sale securities |
|
$ |
205,943 |
|
|
$ |
13 |
|
|
$ |
(108 |
) |
|
$ |
205,848 |
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
2,507 |
|
Total cash, cash equivalent and marketable securities |
|
|
|
|
|
|
|
|
|
|
$ |
208,355 |
|
As of September 30, 2022 and December 31, 2021, the Company has not recognized an allowance for credit losses on any securities in an unrealized loss position. The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of September 30, 2022 and December 31, 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
|
|
Less than 12 consecutive months |
|
|
Less than 12 consecutive months |
|
|
|
Fair Value |
|
|
Unrealized Losses |
|
|
Fair Value |
|
|
Unrealized Losses |
|
U.S. Treasury securities |
|
$ |
89,051 |
|
|
$ |
(497 |
) |
|
$ |
82,106 |
|
|
$ |
(98 |
) |
Commercial paper |
|
|
121,991 |
|
|
|
(571 |
) |
|
|
13,734 |
|
|
|
(4 |
) |
Corporate debt securities |
|
|
— |
|
|
|
— |
|
|
|
15,481 |
|
|
|
(5 |
) |
U.S. agency bonds |
|
|
14,888 |
|
|
|
(112 |
) |
|
|
1,199 |
|
|
|
(1 |
) |
Total |
|
$ |
225,930 |
|
|
$ |
(1,180 |
) |
|
$ |
112,520 |
|
|
$ |
(108 |
) |
The Company believes that the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. The Company currently does not intend to sell these securities prior to maturity and does not consider these investments to be other-than-temporarily impaired as of September 30, 2022. There were no sales of available-for-sale securities in any of the periods presented. As of September 30, 2022, the amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are shown below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Estimated |
|
Available-for-sale securities maturing: |
|
Cost |
|
|
Fair Value |
|
In one year or less |
|
$ |
289,088 |
|
|
$ |
287,908 |
|
Total available-for-sale securities |
|
$ |
289,088 |
|
|
$ |
287,908 |
|
|