Cash, Cash Equivalents and Available-for-Sale Securities

12 Months Ended

Dec. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Available-for-Sale Securities

As of December 31, 2022 and December 31, 2021 the Company had cash and cash equivalents of approximately $476.3 million and $261.4 million, respectively. Cash and cash equivalents at December 31, 2022 and December 31, 2021 included cash of $0.6 million and $9.9 million, respectively. As of December 31, 2022 and December 31, 2021, cash and cash equivalents also included $475.7 million and $251.5 million, respectively, of investments in money market funds.

As of December 31, 2022 and December 31, 2021, the Company held available-for-sale securities of approximately $170.5 million and $120.3 million, respectively, all of which have maturities of less than one year.

As of December 31, 2022, the Company determined that there were no credit losses in its available-for-sale securities. Factors considered in determining whether a loss resulted from a credit loss or other factors included the length of time and extent to which the investment’s fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, the extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security before the recovery of its amortized cost.

The Company classifies these securities as available-for-sale. However, the Company has not sold and does not currently intend to sell its investments and the Company believes it is more likely than not that the Company will recover the carrying value of these investments.

Available-for-sale securities, including carrying value and estimated fair values, are summarized as follows:


	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	27,481	$	3	$	(61)	$	27,423
Corporate debt securities	109,248		—		(119)		109,129
U.S. government agency securities	9,644		25		—		9,669
Asset-backed securities	19,360		—		(63)		19,297
Supranational securities	5,027		—		(14)		5,013
Total	$	170,760	$	28	$	(257)	$	170,531


	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses	Fair Value
U.S. Treasury securities	$	18,202	$	—	(16)	$	18,185
Corporate debt securities	82,138		—		(57)	82,081
Asset-backed securities	16,008		—		(14)	15,995

Supranational securities	4,044		—		(3)	4,041
Total	120,392		—		(90)	120,302