Investments

6 Months Ended

Jun. 30, 2020

Investments, All Other Investments [Abstract]

Investments

Investments

Short-term Investments

Short-term investments consist of guaranteed investment certificates (“GICs”), term deposits and commercial paper acquired from financial institutions in accordance with the Company’s treasury policy. Short-term GICs, term deposits and commercial paper bear interest at rates of 0.8%-2.0% per annum with original maturities of up to 12 months, are classified as held to maturity and are accounted for at amortized cost.

Long-term Investments

Long-term investments at June 30, 2020 consist of GIC's and term deposits of $75,260 (December 31, 2019 -$nil) acquired from financial institutions in accordance with the Company’s treasury policy and other debt and equity securities of $718 (December 31, 2019 - $nil) acquired for strategic purposes or in connection with licensing and collaboration agreements. Long-term GICs and term deposits bear interest at rates of 0.9%-1.0% per annum with original maturities ranging from 12 to 24 months, are classified as held to maturity and are accounted for at amortized cost. Other long-term debt and equity securities are accounted for as available for sale financial instruments with changes in fair value recorded through other comprehensive income or at cost subject to impairment.