Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Short-Term Investments

v3.21.2
Cash, Cash Equivalents and Short-Term Investments
9 Months Ended
Sep. 30, 2021
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, 

2021

    

2020

Cash

$

2,610

$

1,988

Money market funds

 

25,794

 

19,487

U.S. treasury bills

 

37,991

 

10,034

Government-sponsored enterprise securities

 

14,735

 

4,920

Corporate bonds and commercial paper

 

62,016

 

20,898

$

143,146

$

57,327

Reported as:

Cash and cash equivalents

$

30,403

$

30,373

Short-term investments

 

112,743

 

26,954

$

143,146

$

57,327

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, 2021

Cost

Gains

Losses

Fair Value

 

U.S. treasury bills

$

37,985

$

8

$

(2)

$

37,991

Government-sponsored enterprise securities

14,734

2

(1)

14,735

Corporate bonds and commercial paper

 

62,015

 

5

 

(4)

 

62,016

Total

$

114,734

$

15

$

(7)

$

114,742

    

    

Gross

    

Gross

    

 

Amortized

Unrealized

Unrealized

 

December 31, 2020

Cost

Gains

Losses

Fair Value

 

U.S. treasury bills

$

10,036

$

$

(2)

$

10,034

Government-sponsored enterprise securities

4,920

4,920

Corporate bonds and commercial paper

 

20,900

 

 

(2)

 

20,898

Total

$

35,856

$

$

(4)

$

35,852

As of September 30, 2021 and December 31, 2020, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 227 days and 78 days, respectively. Our short-term investments are classified as available-for-sale securities. Accordingly, we have classified certain securities as short-term investments on our balance sheets as they are available for use in the current operations. As of September 30, 2021, we had no

investments that had been in a continuous unrealized loss position for more than 12 months. As of September 30, 2021, a total of 19 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 increases. 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 as of September 30, 2021.

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, 2021

    

Fair Value

    

Unrealized Losses

 

U.S. treasury bills

$

12,814

$

(2)

Government-sponsored enterprise securities

3,338

(1)

Corporate bonds and commercial paper

22,336

(4)

Total

$

38,488

$

(7)