Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Short-Term Investments

v3.20.2
Cash, Cash Equivalents and Short-Term Investments
9 Months Ended
Sep. 30, 2020
Cash, Cash Equivalents and Short-Term Investments  
Cash, Cash Equivalents and Short-Term Investments

10.Cash, Cash Equivalents and Short-Term Investments

Cash, cash equivalents and short-term investments consisted of the following (in thousands):

September 30, 

December 31, 

2020

    

2019

Cash

$

1,492

$

3,371

Money market funds

 

17,625

 

7,457

U.S. treasury bills

 

23,297

 

12,539

Government-sponsored enterprise securities

 

18,451

 

19,017

Corporate bonds and commercial paper

 

11,947

 

55,694

$

72,812

$

98,078

Reported as:

Cash and cash equivalents

$

36,567

$

22,521

Short-term investments

 

36,245

 

75,557

$

72,812

$

98,078

Cash equivalents and short-term investments include the following securities with gross unrealized gains and losses (in thousands):

    

    

Gross

    

Gross

    

 

Amortized

Unrealized

Unrealized

 

September 30, 2020

Cost

Gains

Losses

Fair Value

 

U.S. treasury bills

$

23,297

$

1

$

(1)

$

23,297

Government-sponsored enterprise securities

18,449

2

18,451

Corporate bonds and commercial paper

 

11,947

 

 

 

11,947

Total

$

53,693

$

3

$

(1)

$

53,695

    

    

Gross

    

Gross

    

 

Amortized

Unrealized

Unrealized

 

December 31, 2019

Cost

Gains

Losses

Fair Value

 

U.S. treasury bills

$

12,532

$

8

$

(1)

$

12,539

Government-sponsored enterprise securities

19,010

8

(1)

19,017

Corporate bonds and commercial paper

 

55,685

14

(5)

 

55,694

Total

$

87,227

$

30

$

(7)

$

87,250

As of September 30, 2020, our cash equivalents and short-term investments, which have contractual maturities within one year, had a weighted-average time to maturity of approximately 64 days. We view our short-term investments portfolio as available for use in current operations. We have the ability to hold all investments as of September 30, 2020 through their respective maturity dates. At September 30, 2020, we had no investments that had been in a continuous unrealized loss position for more than 12 months. As of September 30, 2020, a total of 11 individual securities had been in an unrealized loss position for 12 months or less, and the losses were determined to be temporary. The gross unrealized losses above were caused by interest rate fluctuations. No significant facts or circumstances have arisen to indicate that there has been any significant deterioration in the creditworthiness of the issuers of the securities held by us. Based on our review of these securities, including the assessment of the duration and severity of the unrealized losses and our ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these securities at September 30, 2020.

The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):

September 30, 2020

    

Fair Value

    

Unrealized Losses

 

U. S. treasury bills

$

14,027

$

(1)

Total

$

14,027

$

(1)