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Cash, Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Cash, Cash Equivalents and Investments

Note 4: Cash, Cash Equivalents and Investments

 

The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands):

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

Cash and cash equivalents:

 

 

 

 

 

 

Cash

 

$

3,986

 

 

$

40,270

 

Money market funds

 

 

10,988

 

 

 

15,954

 

Repurchase agreements

 

 

9,000

 

 

 

13,500

 

Government and agency notes

 

 

20,605

 

 

 

—

 

Total cash and cash equivalents

 

$

44,579

 

 

$

69,724

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

Certificates of deposit

 

$

5,390

 

 

$

6,928

 

Municipal notes

 

 

506

 

 

 

1,283

 

Corporate notes

 

 

12,411

 

 

 

25,675

 

Government and agency notes

 

 

27,295

 

 

 

3,192

 

Total short-term investments

 

$

45,602

 

 

$

37,078

 

 

 

 

 

 

 

 

Long-term investments

 

 

 

 

 

 

Corporate notes

 

$

—

 

 

$

12,722

 

Certificates of deposit

 

 

712

 

 

 

4,575

 

Municipal notes

 

 

—

 

 

 

650

 

Government and agency notes

 

 

2,866

 

 

 

1,986

 

Total long-term investments

 

$

3,578

 

 

$

19,933

 

 

The investments are classified as available-for-sale securities. As of December 31, 2022, the weighted average remaining contractual maturities of available-for-sale securities was approximately 5 months. At December 31, 2022 and 2021, the unrealized gain (loss) activity related to the Company’s available-for-sale securities is included in the Company’s accumulated other comprehensive income (loss). There were no significant realized gains or losses recognized on the sale or maturity of available-for-sale securities for the years ended December 31, 2022 and 2021 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income. Based on the Company’s review of its available-for-sale securities, the Company has a limited number of available-for-sale securities in insignificant loss positions as of December 31, 2022. Management evaluates securities for other-than-temporary impairment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. Investment securities are generally evaluated for OTTI under FASB Accounting Standards Codification (ASC) Topic 320, Accounting for Certain Investments in Debt and Equity Securities. OTTI under the ASC Topic 320 model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. No other-than-temporary impairments on these securities were recognized for the years ended as of December 31, 2022 and 2021.

 

The following table summarizes the available-for-sale securities (in thousands):

 

 

 

 

Fair Value Measurements at December 31, 2022

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Money market funds

 

$

10,988

 

 

$

—

 

 

$

—

 

 

$

10,988

 

Certificates of Deposit

 

 

6,237

 

 

 

1

 

 

 

(136

)

 

 

6,102

 

Repurchase Agreements

 

 

9,000

 

 

 

—

 

 

 

—

 

 

 

9,000

 

Corporate notes

 

 

12,575

 

 

 

—

 

 

 

(164

)

 

 

12,411

 

Government and agency notes

 

 

51,020

 

 

 

4

 

 

 

(258

)

 

 

50,766

 

Municipal notes

 

 

510

 

 

 

—

 

 

 

(4

)

 

 

506

 

Total cash equivalents and investments

 

$

90,330

 

 

$

5

 

 

$

(562

)

 

$

89,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (original maturities within 90 days)

 

 

 

 

 

 

 

 

 

 

$

40,593

 

Short-term investments (maturities within one year)

 

 

 

 

 

 

 

 

 

 

 

45,602

 

Long-term investments (maturities beyond 1 year)

 

 

 

 

 

 

 

 

 

 

 

3,578

 

Total cash equivalents and investments

 

 

 

 

 

 

 

 

 

 

$

89,773

 

 

 

 

Fair Value Measurements at December 31, 2021

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Money market funds

 

$

15,954

 

 

$

—

 

 

$

—

 

 

$

15,954

 

Certificates of Deposit

 

 

11,511

 

 

 

12

 

 

 

(20

)

 

 

11,503

 

Repurchase Agreements

 

 

13,500

 

 

 

—

 

 

 

—

 

 

 

13,500

 

Corporate notes

 

 

38,470

 

 

 

6

 

 

 

(79

)

 

 

38,397

 

Government and agency notes

 

 

5,195

 

 

 

—

 

 

 

(17

)

 

 

5,178

 

Municipal notes

 

 

1,934

 

 

 

—

 

 

 

(1

)

 

 

1,933

 

Total cash equivalents and investments

 

$

86,564

 

 

$

18

 

 

$

(117

)

 

$

86,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (original maturities within 90 days)

 

 

 

 

 

 

 

 

 

 

$

29,454

 

Short-term investments (maturities within one year)

 

 

 

 

 

 

 

 

 

 

 

37,078

 

Long-term investments (maturities beyond 1 year)

 

 

 

 

 

 

 

 

 

 

 

19,933

 

Total cash equivalents and investments

 

 

 

 

 

 

 

 

 

 

$

86,465