Cash Equivalents and Short-Term Investments
|3 Months Ended|
Mar. 31, 2023
|Investments, Debt and Equity Securities [Abstract]|
|Cash Equivalents and Short-Term Investments||Cash Equivalents and Short-Term Investments
The amortized cost, unrealized loss and estimated fair value of the Company’s cash equivalents and short-term investments as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
All short-term investments were designated as available-for-sale securities as of March 31, 2023 and December 31, 2022.
The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2023 and December 31, 2022 (in thousands):
As of March 31, 2023, the Company did not have any unsettled purchases or unsettled maturities of short-term investments. The following table presents the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of March 31, 2023.
The Company had short-term investments with a market value of $191.7 million in unrealized loss positions as of March 31, 2023. Gross unrealized losses from available-for-sale securities were $1.1 million as of March 31, 2023 and realized losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income were $0.6 million for the three months ended March 31, 2023.
For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non- credit related factors. Subsequent to the balance sheet date, the Company sold all of its marketable securities and converted them into money market funds and U.S. treasury bonds. The sale of securities was completed in April and resulted in a realized loss of $0.6 million.
No definition available.
The entire disclosure for investments in certain debt and equity securities.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef