| CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS |
4. CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
The Company’s cash equivalents and short-term investments are invested in the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
Amortized Cost |
|
Unrealized Gains |
|
Unrealized Losses |
|
Fair Value |
Money market funds |
|
$ |
43,944 |
|
$ |
— |
|
$ |
— |
|
$ |
43,944 |
Total cash equivalents |
|
|
43,944 |
|
|
— |
|
|
— |
|
|
43,944 |
Commercial paper |
|
|
4,994 |
|
|
— |
|
|
— |
|
|
4,994 |
Corporate bonds |
|
|
18,213 |
|
|
— |
|
|
(73) |
|
|
18,140 |
U.S. Treasury securities |
|
|
9,937 |
|
|
— |
|
|
(37) |
|
|
9,900 |
Government bonds |
|
|
14,874 |
|
|
— |
|
|
(40) |
|
|
14,834 |
Total short-term investments |
|
|
48,018 |
|
|
— |
|
|
(150) |
|
|
47,868 |
Total cash equivalents and short-term investments |
|
$ |
91,962 |
|
$ |
— |
|
$ |
(150) |
|
$ |
91,812 |
|
|
December 31, 2022 |
|
|
Amortized Cost |
|
Unrealized Gains |
|
Unrealized Losses |
|
Fair Value |
Money market funds |
|
$ |
51,274 |
|
$ |
— |
|
$ |
— |
|
$ |
51,274 |
Total cash equivalents |
|
|
51,274 |
|
|
— |
|
|
— |
|
|
51,274 |
Commercial paper |
|
|
39,781 |
|
|
— |
|
|
— |
|
|
39,781 |
Corporate bonds |
|
|
28,970 |
|
|
— |
|
|
(156) |
|
|
28,814 |
U.S. Treasury securities |
|
|
19,896 |
|
|
— |
|
|
(78) |
|
|
19,818 |
Government bonds |
|
|
14,846 |
|
|
— |
|
|
(102) |
|
|
14,744 |
Asset-backed securities |
|
|
4,000 |
|
|
— |
|
|
(2) |
|
|
3,998 |
Total short-term investments |
|
|
107,493 |
|
|
— |
|
|
(338) |
|
|
107,155 |
Total cash equivalents and short-term investments |
|
$ |
158,767 |
|
$ |
— |
|
$ |
(338) |
|
$ |
158,429 |
During the year ended December 31, 2021, the Company made a $20.0 million investment in equity securities of a publicly-traded company. The Company records this investment at fair value within short-term investments, which was $0.7 million as of March 31, 2023. During the three months ended March 31, 2023, the Company recorded an unrealized loss due to the change in fair value of the equity securities of $0.4 million, respectively, in interest and other (expense) income, net in the consolidated statements of operations.
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