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

9 Months Ended

Sep. 30, 2022

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at September 30, 2022 (in thousands):


	September 30, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	5,235	$	—	$	—		$	—	$	5,235
United States government agency securities		28,308		—		(895	)		—		27,413
Corporate debt securities		46,280		—		(1,935	)		—		44,345
Mortgage-backed securities		3,552		—		(358	)		—		3,194
Total available-for-sale securities	$	83,375	$	—	$	(3,188	)	$	—	$	80,187

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 September 30, 2022 and December 31, 2021, consisted of the following by contractual maturity (in thousands):


	September 30, 2022				December 31, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	26,337	$	26,176	$	44,873	$	44,952
Greater than one year and less than five years		57,038		54,011		43,046		42,818
Total available-for-sale securities	$	83,375	$	80,187	$	87,919	$	87,770

Available-for-Sale Marketable Securities in Unrealized Position

The following tables show 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):


	September 30, 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	$	42,349	$	(1,739	)	$	1,996	$	(196	)	$	44,345	$	(1,935	)
United States government agency securities		27,413		(895	)		—		—			27,413		(895	)
Mortgage-backed securities		3,194		(358	)		—		—			3,194		(358	)
Total	$	72,956	$	(2,992	)	$	1,996	$	(196	)	$	74,952	$	(3,188	)



	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	)		—		—			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 September 30, 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	$	5,235	$	5,235	$	—	$	—
United States government agency securities	Short-term investments		27,413		—		27,413		—
Corporate debt securities	Short-term investments		44,345		—		44,345		—
Mortgage-backed securities	Short-term investments		3,194		—		3,194		—
Total short-term investments			80,187		5,235		74,952		—
Warrants	Other assets		325		—		—		325
Total financial assets		$	80,512	$	5,235	$	74,952	$	325

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					Nine Months Ended
	September 30, 2022			September 30, 2021		September 30, 2022			September 30, 2021
(Loss) gain from changes in the fair value of level 3 investments	$	(9	)	$	83	$	(245	)	$	485

- 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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