Quarterly report pursuant to Section 13 or 15(d)

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

v3.22.2
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
6 Months Ended
Jun. 30, 2022
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS  
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

7.Cash, Cash Equivalents and Short-Term Investments

Cash, cash equivalents and short-term investments for the periods presented consist of the following (in thousands):

June 30, 

December 31,

2022

    

2021

Cash

$

2,271

$

6,249

Money market funds

 

19,434

 

6,842

US treasury bills

 

28,098

 

35,366

Government-sponsored enterprise securities

 

14,712

 

14,678

Corporate bonds and commercial paper

 

24,651

 

61,832

$

89,166

$

124,967

Reported as:

Cash and cash equivalents

$

27,201

$

18,890

Short-term investments

 

61,965

 

106,077

$

89,166

$

124,967

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

    

    

Gross

    

Gross

    

 

Amortized

Unrealized

Unrealized

 

June 30, 2022

Cost

Gains

Losses

Fair Value

 

US treasury bills

$

28,304

$

$

(206)

$

28,098

Government-sponsored enterprise securities

14,857

(145)

14,712

Corporate bonds and commercial paper

 

24,738

 

 

(87)

 

24,651

Total

$

67,899

$

$

(438)

$

67,461

    

    

Gross

    

Gross

    

 

Amortized

Unrealized

Unrealized

 

December 31, 2021

Cost

Gains

Losses

Fair Value

 

US treasury bills

$

35,416

$

$

(50)

$

35,366

Government-sponsored enterprise securities

14,705

(27)

14,678

Corporate bonds and commercial paper

 

61,857

 

2

 

(27)

 

61,832

Total

$

111,978

$

2

$

(104)

$

111,876

As of June 30, 2022 and December 31, 2021, our cash equivalents and short-term investments had a weighted-average time to maturity of approximately 114 days and 196 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 condensed balance sheets as they are available for use in the current operations. As of June 30, 2022, we had no

investments that had been in a continuous unrealized loss position for more than 12 months. As of June 30, 2022, a total of 34 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 our assessment of the duration and severity of unrealized losses, there were no other-than-temporary impairments for these securities as of June 30, 2022.

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):

June 30, 2022

    

Fair Value

    

Unrealized Losses

 

US treasury bills

$

28,098

$

(206)

Government-sponsored enterprise securities

14,712

(145)

Corporate bonds and commercial paper

24,651

(87)

Total

$

67,461

$

(438)