Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Investments and Fair Value Measurements

Cash, cash equivalents and investments

As of March 31, 2023 and December 31, 2022, our cash, cash equivalents and debt investments are classified as follows (in thousands):

	March 31, 2023								December 31, 2022
			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	$	44,893	$	—	$	—	$	44,893	$	41,348	$	—	$	—	$	41,348
Cash equivalents:
Certificates of deposit 1		—		—		—		—		—		—		—		—
Total cash, restricted cash and cash equivalents		44,893		—		—		44,893		41,348		—		—		41,348
Investments (available-for-sale):
Certificates of deposit 2		6,440		—		(148)		6,292		6,440		—		(175)		6,265
Corporate bonds		2,410		—		(44)		2,366		5,320		—		(128)		5,192
Total investments		8,850		—		(192)		8,658		11,760		—		(303)		11,457
Total cash, restricted cash, cash equivalents and investments	$	53,743	$	—	$	(192)	$	53,551	$	53,108	$	—	$	(303)	$	52,805
Contractual maturities on investments:
Due within 1 year 3	$	7,170					$	7,016	$	9,600					$	9,339
Due after 1 through 5 years 4		1,680						1,642		2,160						2,118
	$	8,850					$	8,658	$	11,760					$	11,457

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

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

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

4. Classified as “Long-term investments” in our condensed 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 securities have been in a continuous unrealized loss position as of March 31, 2023 (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 March 31, 2023	Value		(Losses)		Value		(Losses)		Value		(Losses)
Investments:
Certificates of deposit	$	2,113	$	(47)	$	4,179	$	(101)	$	6,292	$	(148)
Corporate bonds		—		—		2,016		(44)		2,016		(44)
Total in loss position	$	2,113	$	(47)	$	6,195	$	(145)	$	8,308	$	(192)

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 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		(Loss)		Value		(Loss)		Value		(Loss)
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)

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 March 31, 2023 (in thousands):

			Quoted Prices in				Significant
			Active Markets of		Significant Other		Unobservable
	Balance as of		Identical Assets		Observable Inputs		Inputs
	March 31, 2023		(Level 1)		(Level 2)		(Level 3)
Assets:
Investments:
Certificates of deposit	$	6,292	$	—	$	6,292	$	—
Corporate bonds		2,366		—		2,366		—
Total	$	8,658	$	—	$	8,658	$	—

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	$	—