XML 57 R11.htm IDEA: XBRL DOCUMENT v3.23.1
Marketable Debt Securities, Available-for-Sale
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Marketable Debt Securities, Available-for-Sale
5.
Marketable Debt Securities, Available-for-Sale

The following table summarizes the Company’s MDS as of December 31, 2022 (in thousands):

 

 

 

Weighted-Average
Remaining
Contractual
Life
(in years)

 

Amortized
Costs

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

Classified as current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

1 or less

 

$

15,803

 

 

$

1

 

 

$

(23

)

 

$

15,781

 

Certificates of deposit

 

1 or less

 

 

7,500

 

 

 

2

 

 

 

(25

)

 

 

7,477

 

U.S. government securities

 

1 or less

 

 

5,001

 

 

 

—

 

 

 

(30

)

 

 

4,971

 

Corporate bonds

 

1 or less

 

 

646

 

 

 

—

 

 

 

(2

)

 

 

644

 

Total Marketable debt securities,
   available-for-sale

 

1 or less

 

$

28,950

 

 

$

3

 

 

$

(80

)

 

$

28,873

 

Classified as non-current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

1.4

 

$

6,979

 

 

$

—

 

 

$

(184

)

 

$

6,795

 

Corporate bonds

 

1.5

 

 

6,824

 

 

 

—

 

 

 

(192

)

 

 

6,632

 

Asset backed securities

 

1.8

 

 

2,999

 

 

 

—

 

 

 

(45

)

 

 

2,954

 

Non-U.S. government securities

 

1.5

 

 

423

 

 

 

—

 

 

 

(11

)

 

 

412

 

Total Marketable debt securities,
   available-for-sale, net of
   current portion

 

1.5

 

$

17,225

 

 

$

—

 

 

$

(432

)

 

$

16,793

 

Total

 

0.7

 

$

46,175

 

 

$

3

 

 

$

(512

)

 

$

45,666

 

 

As of December 31, 2022, interest receivables related to MDS of $0.2 million are included in prepaid expenses and other current assets in the consolidated balance sheets.

Accumulated unrealized losses on MDS that have been in a continuous loss position for less than 12 months and for more than 12 months as of December 31, 2022, were as follows (in thousands):

 

 

 

Less than 12 months

 

 

More than 12 months

 

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Gross
Unrealized
Losses

 

Commercial paper

 

$

12,803

 

 

$

(22

)

 

$

—

 

 

$

—

 

U.S. government securities

 

 

11,765

 

 

 

(216

)

 

 

—

 

 

 

—

 

Corporate bonds

 

 

7,276

 

 

 

(193

)

 

 

—

 

 

 

—

 

Certificates of deposit

 

 

2,975

 

 

 

(25

)

 

 

—

 

 

 

—

 

Asset backed securities

 

 

2,954

 

 

 

(45

)

 

 

—

 

 

 

—

 

Non-U.S. government securities

 

 

412

 

 

 

(11

)

 

 

—

 

 

 

—

 

Total

 

$

38,185

 

 

$

(512

)

 

$

—

 

 

$

—

 

 

As of December 31, 2022, a total of 22 of the securities were in an unrealized loss position. The Company evaluated its MDS and concluded that the losses were caused by interest rate fluctuations, as opposed to credit quality. Because the Company does not intend to sell its MDS and it is not more likely than not that the Company will be required to sell its MDS before recovery of their amortized cost bases, which may be maturity, the Company does not consider its MDS to be impaired.

Realized gains and losses on MDS were not significant for the year ended December 31, 2022.