Cash and Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Cash and Cash Equivalents and Marketable Securities

4. Cash and Cash Equivalents and Marketable Securities

As of December 31, 2022 and 2021, cash and cash equivalents and marketable securities were comprised of the following:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
As at December 31, 2022
Cash and cash equivalents:
Cash	$	116,526	$	—	$	—		$	116,526
Money market funds		42,995		—		—			42,995
Total cash and cash equivalents	$	159,521	$	—	$	—		$	159,521
Marketable securities:
U.S. Treasury notes	$	58,641	$	1	$	(280	)	$	58,362
U.S. Treasury bills		126,207		4		(153	)		126,058
Total marketable securities	$	184,848	$	5	$	(433	)	$	184,420
As at December 31, 2021
Cash and cash equivalents:
Cash	$	331,892	$	—	$	—		$	331,892
Money market funds		2,535		—		—			2,535
Total cash and cash equivalents	$	334,427	$	—	$	—		$	334,427
Marketable securities:
U.S. Treasury notes	$	7,439	$	—	$	—		$	7,439
Total marketable securities	$	7,439	$	—	$	—		$	7,439

Interest receivable was $0.4 million and nil as of December 31, 2022 and 2021, respectively, and is included in other receivables.

The Company held 28 and nil available-for-sale marketable securities with an aggregate fair value of $157.9 million and nil that were in an unrealized loss position as of December 31, 2022 and 2021, respectively. These marketable securities have been in an unrealized loss position for less than twelve months. The unrealized losses as of December 31, 2022 were not attributed to credit risk but were primarily associated with changes in interest rates and market liquidity. The Company does not intend to sell these securities and it is more likely than not that it will hold these investments for a period of time sufficient to recover the amortized cost. As a result, the Company did not record

an allowance for credit losses or other impairment charges for its marketable securities for the year ended December 31, 2022.

The Company recognized $0.4 million and nil in net unrealized losses in other comprehensive loss for the years ended December 31, 2022 and 2021, respectively.

The maturities of the Company’s marketable securities as of December 31, 2022 and 2021 are less than one year.