Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
Cash, Cash Equivalents, Restricted Cash and Short-Term Investments
9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021, the Company had $376.6 million and $466.1 million, respectively of cash, cash equivalents, restricted cash and short-term investments summarized below. As of September 30, 2022, $376.6 million were 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.
September 30, 2022
(in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value
Cash, cash equivalents and restricted cash $ 86,052  $   $   $ 86,052 
U.S. agency security 4,900  4    4,904 
Corporate bond 98,448    (380) 98,068 
Commercial paper 112,833    (200) 112,633 
Treasury bill 26,721    (17) 26,704 
Treasury bond 44,670    (117) 44,553 
Yankee bond 3,742    (12) 3,730 
Total cash, cash equivalents, restricted cash and short-term investments $ 377,366  $ 4  $ (726) $ 376,644 
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 September 30, 2022 and December 31, 2021, accrued interest receivable from the investments were $0.7 million and $0.1 million, respectively. During the three and nine months ended September 30, 2022, the Company had $0.3 million and $0.7 million unrealized gains and 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 September 30, 2022, were temporary in nature. Realized gains or losses were immaterial during the three and nine months ended September 30, 2022 and 2021.
The Company's short-term investments as of September 30, 2022 mature at various dates through June 2023.