Annual report pursuant to Section 13 and 15(d)

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

v3.22.4
Cash, Cash Equivalents and Restricted Cash and Short-Term Investments
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Cash, Cash Equivalents and Restricted Cash and Short-Term Investments Investments
As of December 31, 2022 and December 31, 2021, the Company had $389.4 million and $466.1 million, respectively of cash, cash equivalents, restricted cash and short-term investments, summarized below. As of December 31, 2022, $295.5 million were available-for-sale debt securities which are carried at fair market value and nil were held to maturity. As of December 31, 2021, $215.0 million were classified as available-for-sale and $19.2 million were held to maturity which was carried at amortized cost and was approximately equal to fair market value.

December 31, 2022
(in thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value
Cash, cash equivalents and restricted cash $ 94,172  $ —  $ —  $ 94,172 
U.S. agency security 4,951  —  (3) 4,948 
Corporate bond 104,174  —  (94) 104,080 
Commercial paper 125,255  —  (68) 125,187 
Treasury bill 12,290  —  (8) 12,282 
Treasury bond 42,301  —  (81) 42,220 
Yankee bond 6,503  —  (2) 6,501 
Total cash, cash equivalents, restricted cash and short-term investments $ 389,646  $ —  $ (256) $ 389,390 
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 2,593  —  (1) 2,592 
Commercial paper 206,764  —  (40) 206,724 
Treasury bill 2,496  —  (2) 2,494 
Total $ 446,897  $ —  $ (47) $ 446,850 
Held-to-maturity securities corporate bond 19,228  19,228 
Total cash, cash equivalents, restricted cash and short-term investments $ 466,078 

As of December 31, 2022 and December 31, 2021, accrued interest receivable from the investments were $1.1 million and $0.1 million, respectively and recorded as prepaid expenses and other current assets on the consolidated balance sheets. As of December 31, 2022 and December 31, 2021, the Company had $0.3 million and $47 thousand of unrealized losses on available-for-sale securities, net of tax, respectively, which are included as a component of comprehensive loss on the consolidated statement of operations. Currently the Company does not intend to sell the investments before recovery of their amortized cost basis, which may be maturity. We have determined that the gross unrealized losses on our investments at December 31, 2022 were temporary in nature. Realized gains or losses were immaterial for the years ended December 31, 2022 and December 31, 2021.

The Company's investments as of December 31, 2022 mature at various dates through September 2023.