Quarterly report pursuant to Section 13 or 15(d)

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

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

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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

As of March 31, 2023 and December 31, 2022, the Company had $361.5 million and $389.4 million, respectively of cash, cash equivalents, restricted cash and short-term investments summarized below. As of March 31, 2023 and December 31, 2022, $272.5 million and $295.2 million were available-for-sale debt securities which are carried at fair market value.


	March 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash, cash equivalents and restricted cash	$	89,001	$	—	$	—	$	89,001

Corporate bond	62,115		—		(62)		62,053
Commercial paper	176,386		—		(103)		176,283
Treasury bill	7,102		1		—		7,103
Treasury bond	26,544		—		(17)		26,527
Yankee bond	568		—		(1)		567
Total cash, cash equivalents, restricted cash and short-term investments	$	361,716	$	1	$	(183)	$	361,534



	December 31, 2022
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash, cash equivalents and restricted cash	$	94,172	$	—	$	—	$	94,172
Certificates of deposit	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

As of March 31, 2023 and December 31, 2022, accrued interest receivable from the investments were $0.6 million and $1.1 million, respectively. During the three months ended March 31, 2023, the Company had $0.1 million unrealized gains 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. The Company has determined that the gross unrealized losses on our investments at March 31, 2023, were temporary in nature. Realized gains or losses were immaterial during the three months ended March 31, 2023 and 2022.

The Company's short-term investments as of March 31, 2023 mature at various dates through December 2023.