Quarterly report pursuant to Section 13 or 15(d)

Cash Equivalents and Marketable Securities

v3.21.2
Cash Equivalents and Marketable Securities
9 Months Ended
Sep. 30, 2021
Cash And Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities

4. Cash Equivalents and Marketable Securities

Cash equivalents and marketable securities consisted of the following:

 

 

 

September 30, 2021

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

 

(in thousands)

 

Money market funds

 

$

30,108

 

 

$

 

 

$

 

 

$

30,108

 

Commercial paper

 

 

56,568

 

 

 

 

 

 

 

 

 

56,568

 

Corporate debt securities

 

 

70,290

 

 

 

7

 

 

 

(21

)

 

 

70,276

 

Asset-based securities

 

 

37,607

 

 

 

2

 

 

 

(14

)

 

 

37,595

 

U.S. government securities

 

 

37,624

 

 

 

7

 

 

 

 

 

 

37,631

 

Supranational debt securities

 

 

21,451

 

 

 

 

 

 

(11

)

 

 

21,440

 

Total

 

 

253,648

 

 

 

16

 

 

 

(46

)

 

 

253,618

 

Less amounts classified as cash equivalents

 

 

(30,108

)

 

 

 

 

 

 

 

 

(30,108

)

Total marketable securities

 

$

223,540

 

 

$

16

 

 

$

(46

)

 

$

223,510

 

 

 

 

 

December 31, 2020

 

 

 

Amortized

Cost Basis

 

 

Unrealized

Gains

 

 

Unrealized

(Losses)

 

 

Fair

Value

 

 

 

(in thousands)

 

Money market funds

 

$

204,632

 

 

$

 

 

$

 

 

$

204,632

 

Commercial paper

 

 

42,208

 

 

 

 

 

 

 

 

 

42,208

 

Corporate debt securities

 

 

25,669

 

 

 

48

 

 

 

(1

)

 

 

25,716

 

Asset-based securities

 

 

12,593

 

 

 

39

 

 

 

 

 

 

12,632

 

U.S. government securities

 

 

39,743

 

 

 

44

 

 

 

(2

)

 

 

39,785

 

Total

 

 

324,845

 

 

 

131

 

 

 

(3

)

 

 

324,973

 

Less amounts classified as cash equivalents

 

 

(204,632

)

 

 

 

 

 

 

 

 

(204,632

)

Total marketable securities

 

$

120,213

 

 

$

131

 

 

$

(3

)

 

$

120,341

 

 

As of September 30, 2021 and December 31, 2020, $64.3 million and zero, respectively, of marketable securities had maturities of more than one year and are classified as long-term assets.

There were $85.7 million and $14.7 million of investments in an unrealized loss position of $46,000 and $3,000 as of September 30, 2021 and December 31, 2020, respectively. During the three and nine months ended September 30, 2021 and 2020, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities. Based on the Company’s procedures under the expected credit loss model, including an assessment of unrealized gains on the portfolio after September 30, 2021, the Company concluded that the unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses for these securities has not been recorded as of September 30, 2021. Also, based on the scheduled maturities of the investments, the Company was more likely than not to hold these investments for a period of time sufficient for a recovery of the Company’s cost basis.  

The Company recognized no material gains or losses on its cash equivalents and current and non-current marketable securities as of September 30, 2021 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income for the period then ended.