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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of cash equivalents, restricted cash and marketable securities by security type

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2022 were as follows:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Included in cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

39,771

 

 

$

 

 

$

 

 

$

39,771

 

 

 

$

39,771

 

 

$

 

 

$

 

 

$

39,771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

93

 

 

$

 

 

$

 

 

$

93

 

Certificate of deposit

 

 

271

 

 

 

 

 

 

 

 

 

271

 

 

 

$

364

 

 

$

 

 

$

 

 

$

364

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities (due in
   less than one year)

 

$

12,983

 

 

$

 

 

$

(62

)

 

$

12,921

 

Municipal securities (due in less than one year)

 

 

3,000

 

 

 

 

 

 

(24

)

 

 

2,976

 

Government-sponsored enterprise securities
   (due in less than one year)

 

 

9,860

 

 

 

 

 

 

(14

)

 

 

9,846

 

Commercial paper (due in less than one year)

 

 

64,285

 

 

 

6

 

 

 

(92

)

 

 

64,199

 

Corporate notes (due in less than one year)

 

 

26,014

 

 

 

 

 

 

(55

)

 

 

25,959

 

 

 

$

116,142

 

 

$

6

 

 

$

(247

)

 

$

115,901

 

 

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2021 were as follows:

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Included in cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

24,207

 

 

$

 

 

$

 

 

$

24,207

 

Commercial paper

 

 

7,499

 

 

 

 

 

 

 

 

 

7,499

 

 

 

$

31,706

 

 

$

 

 

$

 

 

$

31,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

93

 

 

$

 

 

$

 

 

$

93

 

Certificate of deposit

 

 

271

 

 

 

 

 

 

 

 

 

271

 

 

 

$

364

 

 

$

 

 

$

 

 

$

364

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities (due in
   less than one year)

 

$

15,585

 

 

$

 

 

$

(18

)

 

$

15,567

 

U.S. Treasury securities (due in
   one to two years)

 

 

1,524

 

 

 

 

 

 

(3

)

 

 

1,521

 

Municipal securities (due in
   one to two years)

 

 

3,000

 

 

 

 

 

 

(15

)

 

 

2,985

 

Government-sponsored enterprise securities
   (due in less than one year)

 

 

12,500

 

 

 

 

 

 

(7

)

 

 

12,493

 

Commercial paper (due in less than one year)

 

 

84,398

 

 

 

2

 

 

 

(38

)

 

 

84,362

 

Corporate notes (due in less than one year)

 

 

36,444

 

 

 

2

 

 

 

(17

)

 

 

36,429

 

Corporate notes (due in one to two years)

 

 

24,224

 

 

 

 

 

 

(79

)

 

 

24,145

 

 

 

$

177,675

 

 

$

4

 

 

$

(177

)

 

$

177,502

 

Schedule of cash equivalents and marketable securities with unrealized losses

Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at December 31, 2022 and 2021 were as follows:

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

 

 

Gross

 

 

 

 

 

Gross

 

 

 

 

 

Gross

 

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

 

Estimated

 

 

Unrealized

 

(In thousands)

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

 

Fair Value

 

 

Losses

 

As of December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury
   securities (due in
   less than one year)

 

$

11,424

 

 

$

(57

)

 

$

1,497

 

 

$

(5

)

 

$

12,921

 

 

$

(62

)

Municipal securities
   (due in less than a
   year)

 

 

 

 

 

 

 

 

2,976

 

 

 

(24

)

 

 

2,976

 

 

 

(24

)

Government-sponsored
   enterprise securities
   (due in less than
   one year)

 

 

9,845

 

 

 

(14

)

 

 

 

 

 

 

 

 

9,845

 

 

 

(14

)

Commercial paper
   (due in less than
   one year)

 

 

52,454

 

 

 

(92

)

 

 

 

 

 

 

 

 

52,454

 

 

 

(92

)

Corporate notes (due in
   less than one year)

 

 

1,998

 

 

 

(2

)

 

 

23,962

 

 

 

(53

)

 

 

25,960

 

 

 

(55

)

 

 

$

75,721

 

 

$

(165

)

 

$

28,435

 

 

$

(82

)

 

$

104,156

 

 

$

(247

)

As of December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury
   securities (due in
   less than one year)

 

$

15,567

 

 

$

(18

)

 

$

 

 

$

 

 

$

15,567

 

 

$

(18

)

U.S. Treasury
   securities (due in
   one to two years)

 

 

1,521

 

 

 

(3

)

 

 

 

 

 

 

 

 

1,521

 

 

 

(3

)

Municipal securities
   (due in one to two
   years)

 

 

2,985

 

 

 

(15

)

 

 

 

 

 

 

 

 

2,985

 

 

 

(15

)

Government-sponsored
   enterprise securities
   (due in less than
   one year)

 

 

1,500

 

 

 

 

 

 

4,993

 

 

 

(7

)

 

 

6,493

 

 

 

(7

)

Commercial paper
   (due in less than
   one year)

 

 

66,872

 

 

 

(38

)

 

 

 

 

 

 

 

 

66,872

 

 

 

(38

)

Corporate notes (due in
   less than one year)

 

 

16,001

 

 

 

(17

)

 

 

 

 

 

 

 

 

16,001

 

 

 

(17

)

Corporate notes (due in
   one to two years)

 

 

24,145

 

 

 

(79

)

 

 

 

 

 

 

 

 

24,145

 

 

 

(79

)

 

 

$

128,591

 

 

$

(170

)

 

$

4,993

 

 

$

(7

)

 

$

133,584

 

 

$

(177

)

Schedule of financial instruments measured at fair value on recurring basis

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value category assigned.

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Quoted Prices in

 

 

 

 

 

Significant

 

 

 

 

 

 

Active Markets for

 

 

Significant Other

 

 

Unobservable

 

 

 

 

 

 

Identical Assets

 

 

Observable Inputs

 

 

Inputs

 

 

 

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)(2)

 

$

39,864

 

 

$

 

 

$

 

 

$

39,864

 

Certificate of deposit(2)

 

 

271

 

 

 

 

 

 

 

 

 

271

 

U.S. Treasury securities(3)

 

 

 

 

 

12,921

 

 

 

 

 

 

12,921

 

Municipal securities(3)

 

 

 

 

 

2,976

 

 

 

 

 

 

2,976

 

Government-sponsored enterprise securities(3)

 

 

 

 

 

9,846

 

 

 

 

 

 

9,846

 

Commercial paper(3)

 

 

 

 

 

64,199

 

 

 

 

 

 

64,199

 

Corporate notes(3)

 

 

 

 

 

25,959

 

 

 

 

 

 

25,959

 

Total

 

$

40,135

 

 

$

115,901

 

 

$

 

 

$

156,036

 

As of December 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

24,207

 

 

$

 

 

$

 

 

$

24,207

 

U.S. Treasury securities(3)(4)

 

 

 

 

 

17,088

 

 

 

 

 

 

17,088

 

Municipal securities(4)

 

 

 

 

 

2,985

 

 

 

 

 

 

2,985

 

Government-sponsored enterprise securities(3)

 

 

 

 

 

12,493

 

 

 

 

 

 

12,493

 

Commercial paper(1)(3)

 

 

 

 

 

91,861

 

 

 

 

 

 

91,861

 

Corporate notes(3)(4)

 

 

 

 

 

60,574

 

 

 

 

 

 

60,574

 

Total

 

$

24,207

 

 

$

185,001

 

 

$

 

 

$

209,208

 

(1)
Included in cash and cash equivalents on our consolidated balance sheets.
(2)
Included in restricted cash on our consolidated balance sheets.
(3)
Included in current portion of marketable securities on our consolidated balance sheets.
(4)
Included in noncurrent portion of marketable securities on our consolidated balance sheets.