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Financial Instruments
 9 Months Ended
Sep. 30, 2022
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract]  
Financial Instruments

2. Financial Instruments

The following is a summary of available-for-sale financial instruments, as of September 30, 2022 and December 31, 2021 (in thousands):

 

 

September 30, 2022

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury and agency securities

$

2,392

 

 

$

6

 

 

$

-

 

 

 

2,398

 

Total cash equivalents

 

2,392

 

 

 

6

 

 

 

-

 

 

 

2,398

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate securities (1)

 

152,492

 

 

 

-

 

 

 

(2,617

)

 

 

149,875

 

U.S. treasury and agency securities

 

57,999

 

 

 

-

 

 

 

(313

)

 

 

57,686

 

Total marketable securities

 

210,491

 

 

$

-

 

 

$

(2,930

)

 

 

207,561

 

(1) Comprised primarily of corporate bonds and commercial paper

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Losses

 

 

Fair Value

 

Corporate securities

$

7,709

 

 

$

-

 

 

$

(1

)

 

$

7,708

 

U.S. treasury and agency securities

 

6,060

 

 

 

-

 

 

 

(3

)

 

 

6,057

 

Total marketable securities

$

13,769

 

 

$

-

 

 

$

(4

)

 

$

13,765

 

As of September 30, 2022, the fair values of available-for-sale financial instruments, by remaining contractual maturity, were as follows (in thousands):

 

 Due within one year

 

 

 

 

 

 

$

133,289

 

 Due in one to five years

 

 

 

 

 

 

 

76,670

 

Total

 

 

 

 

 

 

$

209,959

 

 

The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.

The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gain and losses on financial instruments are presented net of tax.

The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. Because the Company does not intend to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider the investments to be other-than-temporarily impaired at September 30, 2022 and December 31, 2021.