Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.22.1
Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
Financial Instruments Disclosure [Abstract]  
Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities

The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end:

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of March 31, 2022:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

74,767

 

 

$

 

 

$

 

 

$

74,767

 

U.S. Treasury obligations

 

Level 2

 

 

93,764

 

 

 

 

 

 

(557

)

 

 

93,207

 

Government agency obligations

 

Level 2

 

 

16,082

 

 

 

 

 

 

(107

)

 

 

15,975

 

Corporate debt obligations

 

Level 2

 

 

97,559

 

 

 

 

 

 

(1,151

)

 

 

96,408

 

Commercial paper

 

Level 2

 

 

10,881

 

 

 

 

 

 

 

 

 

10,881

 

Asset-backed securities

 

Level 2

 

 

8,795

 

 

 

 

 

 

(77

)

 

 

8,718

 

Total available-for-sale securities

 

 

 

 

301,848

 

 

 

 

 

 

(1,892

)

 

 

299,956

 

Less: amounts classified as cash equivalents

 

 

 

 

(99,814

)

 

 

 

 

 

 

 

 

(99,814

)

Amounts classified as short-term investments

 

 

 

$

202,034

 

 

$

 

 

$

(1,892

)

 

$

200,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of December 31, 2021:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

89,738

 

 

$

 

 

$

 

 

$

89,738

 

U.S. Treasury obligations

 

Level 2

 

 

111,832

 

 

 

1

 

 

 

(138

)

 

 

111,695

 

Government agency obligations

 

Level 2

 

 

21,346

 

 

 

 

 

 

(23

)

 

 

21,323

 

Corporate debt obligations

 

Level 2

 

 

99,757

 

 

 

6

 

 

 

(190

)

 

 

99,573

 

Commercial paper

 

Level 2

 

 

36,993

 

 

 

 

 

 

 

 

 

36,993

 

Asset-backed securities

 

Level 2

 

 

10,174

 

 

 

1

 

 

 

(25

)

 

 

10,150

 

Total available-for-sale securities

 

 

 

 

369,840

 

 

 

8

 

 

 

(376

)

 

 

369,472

 

Less: amounts classified as cash equivalents

 

 

 

 

(104,488

)

 

 

 

 

 

 

 

 

(104,488

)

Amounts classified as short-term investments

 

 

 

$

265,352

 

 

$

8

 

 

$

(376

)

 

$

264,984

 

Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity

The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows:

 

 

As of March 31, 2022

 

 

As of December 31, 2021

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

(in thousands)

 

 

(in thousands)

 

Maturing within one year

$

243,102

 

 

$

242,264

 

 

$

278,457

 

 

$

278,354

 

Maturing in one to five years

 

58,746

 

 

 

57,692

 

 

 

91,383

 

 

 

91,118

 

Total available-for-sale securities

$

301,848

 

 

$

299,956

 

 

$

369,840

 

 

$

369,472

 

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same such amounts in the condensed consolidated statement of cash flows:

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

101,669

 

 

$

106,084

 

Restricted cash - short term

 

 

146

 

 

 

194

 

Restricted cash - long term

 

 

1,200

 

 

 

1,200

 

Total cash, cash equivalents and restricted cash

 

$

103,015

 

 

$

107,478