Quarterly report pursuant to Section 13 or 15(d)

Investments

Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

At March 31, 2022 and December 31, 2021, the Company had $286.2 million and $234.2 million of short-term investments, respectively, mainly consisting of commercial paper and bonds as summarized below. As of March 31, 2022, $8.8 million are held to maturity debt securities which are carried at amortized cost and are approximately equal to fair market value. As of March 31, 2022, $277.4 million are available-for-sale debt securities which are carried at fair market value. As of December 31, 2021, $215.0 million were classified as available-for-sale and $19.2 million were held-to-maturity.


(in thousands)	March 31, 2022		December 31, 2021
Cashable Guaranteed Investment Certificate	$	3,128	$	3,140
Corporate Bond	60,390		21,820
Commercial Paper	152,295		206,724
Treasury Bill	19,530		2,494
Treasury Bond	50,867		—

Total short-term investments	$	286,210	$	234,178

Currently, the Company does not intend to sell investments and has the ability and intent to hold these investments until maturity in order to collect interest payments over the life of the investments. As of March 31, 2022 and December 31, 2021, accrued interest receivable from the investments were $0.5 million and $0.1 million, respectively. During the three months ended March 31, 2022 and 2021, the Company had $766 thousand and $6 thousand unrealized losses on available-for-sale securities, net of tax, respectively, which are included as a component of comprehensive loss on the consolidated statements of operations. The Company's investments as of March 31, 2022 mature at various dates through January 2023.