Cash, Cash Equivalents and Investment Debt Securities (Tables)

9 Months Ended

Sep. 30, 2022

Cash, Cash Equivalents and Investment Debt Securities

Cash, Cash Equivalents and Investment Debt Securities

The following table summarizes the Company’s cash, cash equivalents and investment debt securities as of September 30, 2022 and December 31, 2021:

	As of September 30, 2022
			Allowance		Gross		Gross
			for Credit		Unrealized		Unrealized
	Amortized Cost		Losses		Gains		Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash and money market funds	$	95,225	$	—	$	—	$	—	$	95,225
Commercial paper		13,977		—		—		(4)		13,973
Corporate debt securities		3,997		—		—		—		3,997
Total cash and cash equivalents		113,199		—		—		(4)		113,195
Investment debt securities:
Commercial paper		108,091		—		—		(254)		107,837
Corporate debt securities		245,321		—		—		(2,018)		243,303
U.S. government agency bonds		11,751		—		1		(117)		11,635
U.S. Treasury securities		14,965		—		—		(84)		14,881
Total investment debt securities		380,128		—		1		(2,473)		377,656
Total cash, cash equivalents and investment debt securities	$	493,327	$	—	$	1	$	(2,477)	$	490,851

	As of December 31, 2021
			Allowance		Gross		Gross
			for Credit		Unrealized		Unrealized
	Amortized Cost		Losses		Gains		Losses		Fair Value
	(in thousands)
Cash and cash equivalents:
Cash and money market funds	$	76,709	$	—	$	—	$	—	$	76,709
Commercial paper		8,000		—		—		—		8,000
Total cash and cash equivalents		84,709		—		—		—		84,709
Investment debt securities:
Commercial paper		84,513		—		—		(49)		84,464
Corporate debt securities		232,721		—		16		(245)		232,492
Municipal bonds		5,028		—		—		(1)		5,027
U.S. Treasury securities		12,998		—		—		(1)		12,997
Total investment debt securities		335,260		—		16		(296)		334,980
Total cash, cash equivalents and investment debt securities	$	419,969	$	—	$	16	$	(296)	$	419,689

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The aggregate fair value of the Company’s available-for-sale investment debt securities that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer is as follows:

	As of September 30, 2022
	Less than 12 months				12 months or longer				Total
	(in thousands)
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	107,837	$	(254)	$	—	$	—	$	107,837	$	(254)
Corporate debt securities		224,195		(1,906)		19,110		(111)		243,305		(2,017)
U.S. government agency bonds		10,383		(118)		—		—		10,383		(118)
U.S. Treasury securities		14,881		(84)		—		—		14,881		(84)
Total	$	357,296	$	(2,362)	$	19,110	$	(111)	$	376,406	$	(2,473)

	As of December 31, 2021
	Less than 12 months				12 months or longer				Total
	(in thousands)
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	81,464	$	(49)	$	—	$	—	$	81,464	$	(49)
Corporate debt securities		196,120		(245)		—		—		196,120		(245)
Municipal bonds		5,027		(1)		—		—		5,027		(1)
U.S. Treasury securities		12,997		(1)		—		—		12,997		(1)
Total	$	295,608	$	(296)	$	—	$	—	$	295,608	$	(296)