Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents and Investments

Cash, cash equivalents and investments

Our cash and cash equivalents consist of cash and instruments with original maturities of less than three months. Our investments consist of instruments with original maturities of more than three months. As of December 31, 2022 and 2021, our cash, cash equivalents and debt investments are classified as follows (in thousands):

	December 31, 2022								December 31, 2021
			Gross		Gross						Gross		Gross
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		(Loss)		Value		Cost		Gain		(Loss)		Value
Classified as:
Cash and restricted cash	$	41,348	$	—	$	—	$	41,348	$	36,763	$	—	$	—	$	36,763
Cash equivalents:
Certificates of deposit 1		—		—		—		—		—		—		—		—
Total cash, restricted cash and cash equivalents		41,348		—		—		41,348		36,763		—		—		36,763
Investments (available-for-sale):
Certificates of deposit 2		6,440		—		(175)		6,265		6,680		—		(19)		6,661
Corporate bonds		5,320		—		(128)		5,192		8,380		—		(46)		8,334
Total investments		11,760		—		(303)		11,457		15,060		—		(65)		14,995
Total cash, restricted cash, cash equivalents and investments	$	53,108	$	—	$	(303)	$	52,805	$	51,823	$	—	$	(65)	$	51,758
Contractual maturities on investments:
Due within 1 year 3	$	9,600					$	9,339	$	5,424					$	5,419
Due after 1 through 5 years 4		2,160						2,118		9,636						9,576
	$	11,760					$	11,457	$	15,060					$	14,995

1. Certificate of deposit with original maturities of less than three months.

2. Certificate of deposit with original maturities of more than three months.

3. Classified as “Short-term investments” in our consolidated balance sheets.

4. Classified as “Long-term investments” in our consolidated balance sheets.

Fair value and gross unrealized losses related to available-for-sale securities

The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2022 (in thousands):

	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2022	Value		(Losses)		Value		(Losses)		Value		(Losses)
Investments:
Certificates of deposit	$	2,118	$	(42)	$	4,146	$	(133)	$	6,264	$	(175)
Corporate bonds		—		—		4,842		(128)		4,842		(128)
Total in loss position	$	2,118	$	(42)	$	8,988	$	(261)	$	11,106	$	(303)

The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2021 (in thousands):

	In Loss Position				In Loss Position				Total In
	< 12 months				> 12 months				Loss Position
			Gross				Gross				Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
As of December 31, 2021	Value		(Loss)		Value		(Loss)		Value		(Loss)
Investments:
Certificates of deposit	$	6,181	$	(19)	$	—	$	—	$	6,181	$	(19)
Corporate bonds		5,970		(42)		2,013		(4)		7,983		(46)
Total in loss position	$	12,151	$	(61)	$	2,013	$	(4)	$	14,164	$	(65)

Summary of financial assets and liabilities measured at fair value on a recurring basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2022 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments:
Certificates of deposit	$	6,265	$	—	$	6,265	$	—
Corporate bonds		5,192		—		5,192		—
Total	$	11,457	$	—	$	11,457	$	—

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2021 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	December 31, 2021		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments:
Certificates of deposit	$	6,661	$	—	$	6,661	$	—
Corporate bonds		8,334		—		8,334		—
Total	$	14,995	$	—	$	14,995	$	—