Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

v3.22.2
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments Cash, Cash Equivalents, Restricted Cash and Short-Term Investments
As of June 30, 2022 and December 31, 2021, the Company had $391.7 million and $466.1 million, respectively of cash, cash equivalents, restricted cash and short-term investments summarized below. As of June 30, 2022, $3.4 million are held to maturity debt securities which are carried at amortized cost which is approximately equal to their fair market value. As of June 30, 2022, $388.4 million are available-for-sale debt securities which are carried at fair market value. As of December 31, 2021, $446.9 million were classified as available-for-sale and $19.2 million were held-to-maturity.
June 30, 2022
(in thousands) Amortized Cost Unrealized Gains Unrealized (Losses) Estimated Fair Value
Cash, cash equivalents and restricted cash $ 151,632  $ —  $ —  $ 151,632 
Certificates of deposit 3,144  —  (11) 3,133 
Corporate bond 78,001  —  (511) 77,490 
Commercial paper 93,357  —  (316) 93,041 
Treasury bill 11,045  —  (44) 11,001 
Treasury bond 49,901  —  (157) 49,744 
Yankee bond 2,342  —  (9) 2,333 
Total $ 389,422  $ —  $ (1,048) $ 388,374 
Total held to maturity securities at amortized cost 3,362 
Total cash, cash equivalents, restricted cash and short-term investments $ 391,736 
December 31, 2021
(in thousands) Amortized Cost Unrealized Gains Unrealized (Losses) Estimated Fair Value
Cash, cash equivalents and restricted cash $ 231,900  $ —  $ —  $ 231,900 
Certificates of deposit 3,144  —  (4) 3,140 
Corporate bond 2,592  —  (1) 2,591 
Commercial paper 206,764  —  (40) 206,724 
Treasury bill 2,497  —  (2) 2,495 
Total $ 446,897  $ —  $ (47) $ 446,850 
Total held to maturity securities at amortized cost 19,228 
Total cash, cash equivalents, restricted cash and short-term investments $ 466,078 
As of June 30, 2022 and December 31, 2021, accrued interest receivable from the investments were $0.9 million and $0.1 million, respectively. During the three and six months ended June 30, 2022, the Company had $235 thousand and $1.0 million 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. Currently, the Company does not intend to sell investments that are in an unrealized loss position, and it is unlikely we will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. We have determined that the gross unrealized losses on our investments at June 30, 2022, were temporary in nature. The Company's investments as of June 30, 2022 mature at various dates through February 2023.