Cash Equivalents, Restricted Cash and Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents, Restricted Cash and Investments

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (in thousands):


	June 30,		December 31,
	2022		2021
Cash and cash equivalents	$	44,396	$	49,978
Restricted cash included in Other assets		1,080		1,080
Total cash, cash equivalents and restricted cash	$	45,476	$	51,058

Restricted cash as of June 30, 2022 and December 31, 2021 was held as collateral for stand-by letters of credit issued by the Company to its landlord in connection with the lease of the Company’s facility in San Carlos, California. See “Note 7. Commitments” for additional information on this lease.

Cash Equivalents and Investments

The amortized cost and fair value of cash equivalents and investments at June 30, 2022 and December 31, 2021 were as follows (in thousands):


	June 30, 2022
	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Money market fund	$	41,722	$	—	$	—		$	41,722
U.S. treasury securities		97,758		—		(958	)		96,800
Non-U.S. government securities		24,616		—		(248	)		24,368
Commercial paper		77,750		—		—			77,750
Asset-backed securities		19,517		—		(213	)		19,304
Corporate debt securities		84,439		—		(891	)		83,548
Total available-for-sale securities	$	345,802	$	—	$	(2,310	)	$	343,492

Classified as:
Cash equivalents								$	41,722
Short-term investments									284,219
Long-term investments									17,551
Total available-for-sale securities								$	343,492


	December 31, 2021
	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Money market fund	$	41,960	$	—	$	—		$	41,960
U.S. treasury securities		40,397		—		(160	)		40,237
Government-sponsored agencies		16,821		—		(56	)		16,765
Commercial paper		111,868		—		—			111,868
Asset-backed securities		39,988		—		(62	)		39,926
Corporate debt securities		103,779		7		(212	)		103,574
Total available-for-sale securities	$	354,813	$	7	$	(490	)	$	354,330

Classified as:
Cash equivalents								$	41,960
Short-term investments									214,514
Long-term investments									97,856
Total available-for-sale securities								$	354,330

Cash equivalents in the tables above exclude cash of $2.7 million and $8.0 million as of June 30, 2022 and December 31, 2021, respectively. All available-for-sale securities held as of June 30, 2022 had contractual maturities of less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. The Company applies the specific identification method to determine the cost basis of the securities sold. As of June 30, 2022, unrealized losses on available-for-sale investments are not attributed to credit risk. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. The Company believes that an allowance for credit losses is unnecessary because the unrealized losses on certain of the Company’s marketable securities are due to market factors. To date, the Company has not recorded any impairment charges on marketable securities.