Investments

3 Months Ended

Mar. 31, 2021

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 cash investment policy. Short-term GICs, term deposits and commercial paper bear interest at rates of 0.8%-0.9% per annum, and are classified as held to maturity and are accounted for at amortized cost.

Long-term Investments

Long-term investments at March 31, 2021 consist of equity instruments of $886 acquired for strategic purposes or in connection with licensing and collaboration agreements with changes in fair value recorded through net income.