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Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at March 31, 2022 (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	11,187	$	—	$	—		$	—	$	11,187
United States government agency securities		20,757		—		(506	)		—		20,251
Corporate debt securities		48,574		8		(1,039	)		—		47,543
Mortgage-backed securities		2,489		2		(100	)		—		2,391
Total available-for-sale securities	$	83,007	$	10	$	(1,645	)	$	—	$	81,372

The following is a summary of available-for-sale securities at December 31, 2021 (in thousands):



	December 31, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	7,170	$	—	$	—		$	—	$	7,170
United States government agency securities		25,761		1		(77	)		—		25,685
Corporate debt securities		52,611		105		(156	)		—		52,560
Mortgage-backed securities		2,377		—		(22	)		—		2,355
Total available-for-sale securities	$	87,919	$	106	$	(255	)	$	—	$	87,770

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at March 31, 2022 and December 31, 2021, consisted of the following by contractual maturity (in thousands):


	March 31, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	40,197	$	40,113	$	44,873	$	44,952
Greater than one year and less than five years		42,810		41,259		43,046		42,818
Total available-for-sale securities	$	83,007	$	81,372	$	87,919	$	87,770

Available-for-Sale Marketable Securities in Unrealized Position

The following tables shows all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	March 31, 2022
	Less than 12 Months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate debt securities	$	41,507	$	(1,039	)	$	—	$	—	$	41,507	$	(1,039	)
United States government agency securities		20,251		(506	)		—		—		20,251		(506	)
Mortgage-backed securities		2,139		(100	)		—		—		2,139		(100	)
Total	$	63,897	$	(1,645	)	$	—	$	—	$	63,897	$	(1,645	)


	December 31, 2021
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	27,909	$	(153	)	$	998	$	(3	)	$	28,907	$	(156	)
United States government agency securities		18,367		(75	)		1,019		(2	)		19,386		(77	)
Mortgage-backed securities		2,355		(22	)		0		0			2,355		(22	)
Total	$	48,631	$	(250	)	$	2,017	$	(5	)	$	50,648	$	(255	)

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at March 31, 2022 (in thousands):


	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	11,187	$	11,187	$	—	$	—
United States government agency securities	Short-term investments		20,251		—		20,251		—
Corporate debt securities	Short-term investments		47,543		—		47,543		—
Mortgage-backed securities	Short-term investments		2,391		—		2,391		—
Total short-term investments			81,372		11,187		70,185		—
Warrants	Other assets		290		—		—		290
Total financial assets		$	81,662	$	11,187	$	70,185	$	290

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2021 (in thousands):


	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	7,170	$	7,170	$	—	$	—
United States government agency securities	Short-term investments		25,685		—		25,685		—
Corporate debt securities	Short-term investments		52,560		—		52,560		—
Mortgage-backed securities	Short-term investments		2,355		—		2,355		—
Total short-term investments			87,770		7,170		80,600		—
Warrants	Other assets		570		—		—		570
Total financial assets		$	88,340	$	7,170	$	80,600	$	570

Summary of Gain Recognized in Condensed Consolidated Statements of Operations Due to Changes in Fair Value of Warrant

The following table provides a summary of the total gain recognized in the Company’s condensed consolidated statements of operations due to changes in the fair value of the warrant (in thousands):


	Three Months Ended
	2022			2021
(Loss) gain from changes in the fair value of level 3 investments	$	(280	)	$	220

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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