Cash Equivalents and Short-Term Investments (Tables)
|
3 Months Ended |
Mar. 31, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of 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):
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March 31, 2023 |
|
Amortized Cost |
|
Unrealized Gain |
|
Unrealized Loss |
|
Estimated Fair Value |
| Cash equivalents: |
|
|
|
|
|
|
|
| Money market funds |
$ |
106,319 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
106,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents |
106,319 |
|
|
— |
|
|
— |
|
|
106,319 |
|
| Short-term investments |
|
|
|
|
|
|
|
| Commercial paper |
64,069 |
|
|
104 |
|
|
(63) |
|
|
64,110 |
|
| Asset-backed securities |
17,080 |
|
|
— |
|
|
(278) |
|
|
16,802 |
|
| Corporate debt securities |
68,832 |
|
|
9 |
|
|
(313) |
|
|
68,528 |
|
| U.S. treasury bonds |
42,735 |
|
|
1 |
|
|
(432) |
|
|
42,303 |
|
| Short-term investments |
192,716 |
|
|
113 |
|
|
(1,086) |
|
|
191,743 |
|
| Total |
$ |
299,035 |
|
|
$ |
113 |
|
|
$ |
(1,086) |
|
|
$ |
298,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
Unrealized Gain |
|
Unrealized Loss |
|
Estimated Fair Value |
| Cash equivalents: |
|
|
|
|
|
|
|
| Money market funds |
$ |
91,376 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
91,376 |
|
|
|
|
|
|
|
|
|
| Total cash equivalents |
91,376 |
|
|
— |
|
|
— |
|
|
91,376 |
|
| Short-term investments |
|
|
|
|
|
|
|
| Commercial paper |
47,840 |
|
|
— |
|
|
— |
|
|
47,840 |
|
| Asset-backed securities |
17,623 |
|
|
— |
|
|
(425) |
|
|
17,198 |
|
| Corporate debt securities |
99,599 |
|
|
1 |
|
|
(802) |
|
|
98,798 |
|
| U.S. treasury bonds |
44,154 |
|
|
— |
|
|
(742) |
|
|
43,411 |
|
| Short-term investments |
209,216 |
|
|
1 |
|
|
(1,969) |
|
|
207,248 |
|
| Total |
$ |
300,592 |
|
|
$ |
1 |
|
|
$ |
(1,969) |
|
|
$ |
298,624 |
|
|
| Schedule of Cash Equivalents |
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):
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
March 31, 2023 |
|
Amortized Cost |
|
Unrealized Gain |
|
Unrealized Loss |
|
Estimated Fair Value |
| Cash equivalents: |
|
|
|
|
|
|
|
| Money market funds |
$ |
106,319 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
106,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents |
106,319 |
|
|
— |
|
|
— |
|
|
106,319 |
|
| Short-term investments |
|
|
|
|
|
|
|
| Commercial paper |
64,069 |
|
|
104 |
|
|
(63) |
|
|
64,110 |
|
| Asset-backed securities |
17,080 |
|
|
— |
|
|
(278) |
|
|
16,802 |
|
| Corporate debt securities |
68,832 |
|
|
9 |
|
|
(313) |
|
|
68,528 |
|
| U.S. treasury bonds |
42,735 |
|
|
1 |
|
|
(432) |
|
|
42,303 |
|
| Short-term investments |
192,716 |
|
|
113 |
|
|
(1,086) |
|
|
191,743 |
|
| Total |
$ |
299,035 |
|
|
$ |
113 |
|
|
$ |
(1,086) |
|
|
$ |
298,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
Unrealized Gain |
|
Unrealized Loss |
|
Estimated Fair Value |
| Cash equivalents: |
|
|
|
|
|
|
|
| Money market funds |
$ |
91,376 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
91,376 |
|
|
|
|
|
|
|
|
|
| Total cash equivalents |
91,376 |
|
|
— |
|
|
— |
|
|
91,376 |
|
| Short-term investments |
|
|
|
|
|
|
|
| Commercial paper |
47,840 |
|
|
— |
|
|
— |
|
|
47,840 |
|
| Asset-backed securities |
17,623 |
|
|
— |
|
|
(425) |
|
|
17,198 |
|
| Corporate debt securities |
99,599 |
|
|
1 |
|
|
(802) |
|
|
98,798 |
|
| U.S. treasury bonds |
44,154 |
|
|
— |
|
|
(742) |
|
|
43,411 |
|
| Short-term investments |
209,216 |
|
|
1 |
|
|
(1,969) |
|
|
207,248 |
|
| Total |
$ |
300,592 |
|
|
$ |
1 |
|
|
$ |
(1,969) |
|
|
$ |
298,624 |
|
|
| Schedule of Contractual Maturities |
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):
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|
March 31, 2023 |
|
Amortized Cost |
|
Estimated Fair Value |
Due within one year |
$ |
170,626 |
|
|
$ |
169,923 |
|
Due between one to five years |
22,090 |
|
|
21,820 |
|
| Total |
$ |
192,716 |
|
|
$ |
191,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Amortized Cost |
|
Estimated Fair Value |
| Due within one year |
$ |
209,216 |
|
|
$ |
207,248 |
|
| Due between one to five years |
— |
|
|
— |
|
| Total |
$ |
209,216 |
|
|
$ |
207,248 |
|
|
| Schedule of Unrealized Loss Position |
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.
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|
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|
March 31, 2023 |
|
Less than 12 months |
|
More than 12 months |
|
Total |
|
Fair Value |
|
Gross Unrealized Losses |
|
Fair Value |
|
Gross Unrealized Losses |
|
Fair Value |
|
Gross Unrealized Losses |
| Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
| Money market funds |
$ |
106,319 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
106,319 |
|
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash equivalents |
106,319 |
|
|
— |
|
|
— |
|
|
— |
|
|
106,319 |
|
|
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
| Commercial paper |
64,110 |
|
|
(63) |
|
|
— |
|
|
— |
|
|
64,110 |
|
|
(63) |
|
| Asset-backed securities |
5,206 |
|
|
(33) |
|
|
11,596 |
|
|
(245) |
|
|
16,802 |
|
|
(278) |
|
| Corporate debt securities |
36,271 |
|
|
(73) |
|
|
32,257 |
|
|
(240) |
|
|
68,528 |
|
|
(313) |
|
| U.S. treasury bonds |
16,193 |
|
|
(54) |
|
|
26,110 |
|
|
(378) |
|
|
42,303 |
|
|
(432) |
|
| Short-term investments |
121,780 |
|
|
(223) |
|
|
69,963 |
|
|
(863) |
|
|
191,743 |
|
|
(1,086) |
|
| Total |
$ |
228,099 |
|
|
$ |
(223) |
|
|
$ |
69,963 |
|
|
$ |
(863) |
|
|
$ |
298,062 |
|
|
$ |
(1,086) |
|
|