Cash, Cash Equivalents, Restricted Cash and Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents, Restricted Cash and Investments

Cash, Cash Equivalents, Restricted Cash and Investments

As of September 30, 2023 and December 31, 2022, the Company had $338.5 million and $389.4 million, respectively of cash, cash equivalents, restricted cash and investments summarized below. As of September 30, 2023 and December 31, 2022, $292.1 million and $295.2 million were available-for-sale debt securities which are carried at fair market value.

	September 30, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash, cash equivalents and restricted cash	$	46,397	$	—	$	—	$	46,397
Corporate bonds	31,820		—		(15)		31,805
Commercial paper	93,960		—		(44)		93,916
Treasury bills	80,210		3		—		80,213
Treasury bonds	85,654		—		(85)		85,569
Yankee bonds	—		—		—		—
Total cash, cash equivalents, restricted cash and short-term investments	$	338,041	$	3	$	(144)	$	337,900
Total long-term investment corporate bond	592		—		(1)		591
Total cash, cash equivalents, restricted cash and investments							$	338,491
	December 31, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash, cash equivalents and restricted cash	$	94,172	$	—	$	—	$	94,172
U.S. agency securities	4,951		—		(3)		4,948
Corporate bonds	104,174		—		(94)		104,080
Commercial paper	125,255		—		(68)		125,187
Treasury bills	12,290		—		(8)		12,282
Treasury bonds	42,301		—		(81)		42,220
Yankee bonds	6,503		—		(2)		6,501
Total cash, cash equivalents, restricted cash and short-term investments	$	389,646	$	—	$	(256)	$	389,390

As of September 30, 2023 and December 31, 2022, accrued interest receivable from investments were $0.7 million and $1.1 million, respectively. During the three and nine months ended September 30, 2023, the Company had $73 thousand and $114 thousand unrealized gains on available-for-sale securities, net of tax, respectively, which are included as a component of comprehensive loss on the consolidated statements of operations. During the three and nine months ended September 30, 2022, the Company had $0.3 million and $0.7 million unrealized gains and losses on available-for-sale securities, net of tax, respectively, which are included as a component of comprehensive loss on the consolidated statements of operations. Currently, the Company does not intend to sell investments that are in an unrealized loss position, and it is unlikely the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The Company has determined that the gross unrealized losses on investments at September 30, 2023, were temporary in nature. Realized gains or losses were immaterial during the three and nine months ended September 30, 2023 and 2022.

The Company's investments as of September 30, 2023 mature at various dates through August 2025.