XML 30 R11.htm IDEA: XBRL DOCUMENT v3.22.4
Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities

4. 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):

 

 

 

December 31, 2022

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

15,250

 

 

$

—

 

 

$

—

 

 

$

15,250

 

Commercial paper

 

 

7,021

 

 

 

1

 

 

 

(2

)

 

 

7,020

 

U.S. government securities

 

 

3,736

 

 

 

—

 

 

 

(1

)

 

 

3,735

 

Total cash equivalents

 

 

26,007

 

 

 

1

 

 

 

(3

)

 

 

26,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

16,644

 

 

 

2

 

 

 

(25

)

 

 

16,621

 

Corporate bonds

 

 

3,738

 

 

 

—

 

 

 

(6

)

 

 

3,732

 

U.S. government securities

 

 

495

 

 

 

—

 

 

 

—

 

 

 

495

 

Total marketable securities

 

$

20,877

 

 

$

2

 

 

$

(31

)

 

$

20,848

 

 

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,888

 

 

$

—

 

 

$

—

 

 

$

8,888

 

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

 

 

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 December 31, 2022 and 2021, aggregated by major security type and length of time in a continuous unrealized loss position:

 

 

 

December 31, 2022

 

 

 

Less Than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

Commercial paper

 

$

17,699

 

 

$

(27

)

 

$

—

 

 

$

—

 

 

$

17,699

 

 

$

(27

)

U.S. government securities

 

 

3,735

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

3,735

 

 

 

(1

)

Corporate bonds

 

 

3,732

 

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

3,732

 

 

 

(6

)

Total marketable securities

 

$

25,166

 

 

$

(34

)

 

$

—

 

 

$

—

 

 

$

25,166

 

 

$

(34

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of December 31, 2022 and 2021, an allowance for credit losses had not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of December 31, 2022 and 2021.

There were no realized gains or losses on marketable securities for the years ended December 31, 2022 and 2021. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities totaled $0.1 million and $0.1 million as of December 31, 2022 and 2021, respectively, and is excluded from the estimate of credit losses.

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

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Due in one year or less

 

$

20,848

 

 

$

77,986

 

Due in 1 - 2 years

 

 

—

 

 

 

—

 

Total marketable securities

 

$

20,848

 

 

$

77,986

 

 

The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.