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Cash Equivalents and Marketable Securities (Tables)
9 Months Ended
Sep. 30, 2022
Investments Debt And Equity Securities [Abstract]  
Schedule of Estimated Fair Value of Cash Equivalents and Marketable Securities

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):

 

 

 

September 30, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

13,554

 

 

$

 

 

$

 

 

$

13,554

 

U.S. government securities

 

 

6,974

 

 

 

 

 

 

 

 

 

6,974

 

Commercial paper

 

 

5,492

 

 

 

 

 

 

 

 

 

5,492

 

Total cash equivalents

 

 

26,020

 

 

 

 

 

 

 

 

 

26,020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

29,809

 

 

 

 

 

 

(95

)

 

 

29,714

 

Corporate bonds

 

 

3,993

 

 

 

 

 

 

(19

)

 

 

3,974

 

U.S. treasury securities

 

 

1,001

 

 

 

 

 

 

(2

)

 

 

999

 

Total marketable securities

 

$

34,803

 

 

$

 

 

$

(116

)

 

$

34,687

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,888

 

 

$

 

 

$

 

 

$

8,888

 

Commercial paper

 

 

 

 

 

 

 

 

 

 

 

 

Total cash equivalents

 

 

8,888

 

 

 

 

 

 

 

 

 

8,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

65,443

 

 

 

3

 

 

 

(34

)

 

 

65,412

 

Corporate bonds

 

 

12,581

 

 

 

 

 

 

(7

)

 

 

12,574

 

Total marketable securities

 

$

78,024

 

 

$

3

 

 

$

(41

)

 

$

77,986

 

Schedule of Gross Unrealized Losses and Fair Value by Investment Category and Age

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

September 30, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

Commercial paper

 

$

30,960

 

 

$

(95

)

 

$

 

 

$

 

 

$

30,960

 

 

$

(95

)

Corporate bonds

 

 

3,974

 

 

 

(19

)

 

 

 

 

 

 

 

 

3,974

 

 

 

(19

)

U.S. treasury securities

 

 

999

 

 

 

(2

)

 

 

 

 

 

 

 

 

999

 

 

 

(2

)

Total marketable securities

 

$

35,933

 

 

$

(116

)

 

$

 

 

$

 

 

$

35,933

 

 

$

(116

)

 

 

 

December 31, 2021

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

Commercial paper

 

$

47,425

 

 

$

(34

)

 

$

 

 

$

 

 

$

47,425

 

 

$

(34

)

Corporate bonds

 

 

12,573

 

 

 

(7

)

 

 

 

 

 

 

 

 

12,573

 

 

 

(7

)

Total marketable securities

 

$

59,998

 

 

$

(41

)

 

$

 

 

$

 

 

$

59,998

 

 

$

(41

)

Summary of Contractual Maturities of Marketable Securities at Estimated Fair Value

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Due in one year or less

 

$

34,687

 

 

$

77,986

 

Due thereafter

 

 

 

 

 

 

Total marketable securities

 

$

34,687

 

 

$

77,986