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Investments | 9 Months Ended
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Sep. 30, 2022
Schedule Of Investments [Abstract] |
Investments | 3. Investments Held-to-Maturity Investments — Investments consist of highly liquid investments that are intended to facilitate liquidity and capital preservation. As of September 30, 2022, the Company held $110.7 million of short-term investments and $12.7 million of long-term investments. As of December 31, 2021, the Company held $79.9 million of short-term investments and $56.6 million of long-term investments. For the three and nine months ended September 30, 2022, the Company recognized $0.7 million and $1.6 million of interest income on investments and $0.2 million and $0.6 million of amortization on certain investments. The interest income net of amortization on investments is reflected as interest income, net on the condensed consolidated statement of operations. For the three and nine months ended September 30, 2021, the Company recognized a de minimis amount of interest income on investments. No allowance for credit losses on held-to-maturity securities was required as of September 30, 2022. Available-for-Sale Investment — The Thirona convertible notes are classified as available-for-sale securities and are included in other assets in the condensed consolidated balance sheet. Available-for-sale investments are subsequently measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in other comprehensive income until realized. The Company determines fair value of its available-for-sale investments using level 3 inputs. The Company evaluated the fair value of its investment in Thirona as of September 30, 2022 by applying a Monte Carlo simulation and determined that the fair value was $6.8 million. The fair value of the investment in Thirona as of December 31, 2021 was $3.0 million, which approximated carrying value. For the nine months ended September 30, 2022, an unrealized holding loss of $1.2 million was recognized as other comprehensive loss in our condensed consolidated statements of comprehensive loss and condensed consolidated statements of stockholders’ deficit. The fair value of the cash equivalents, long-term and short-term investments are disclosed below (amounts in millions).
|  | September 30, 2022 |
|  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Commercial bonds and paper |  | Level 2 |  | $ | 81.7 |  |  | $ | (0.9 | ) |  | $ | 80.8 |
Money market funds |  | Level 1 |  |  | 43.4 |  |  |  | — |  |  |  | 43.4 |
U.S. Treasuries |  | Level 2 |  |  | 42.8 |  |  |  | (0.8 | ) |  |  | 42.0 |
Total cash equivalents and investments |  |  |  |  | 167.9 |  |  |  | (1.7 | ) |  |  | 166.2 |
Less cash equivalents |  |  |  |  | (44.4 | ) |  |  | — |  |  |  | (44.4 | )
Total Investments |  |  |  | $ | 123.5 |  |  | $ | (1.7 | ) |  | $ | 121.8 |
|  | December 31, 2021 |
|  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Commercial bonds and paper |  | Level 2 |  | $ | 115.2 |  |  | $ | 0.2 |  |  | $ | 115.0 |
Money market funds |  | Level 1 |  |  | 21.3 |  |  |  | — |  |  |  | 21.3 |
U.S. Treasuries |  | Level 2 |  |  | 23.9 |  |  |  | 0.1 |  |  |  | 23.8 |
Total cash equivalents and investments |  |  |  |  | 160.4 |  |  |  | 0.3 |  |  |  | 160.1 |
Less cash equivalents |  |  |  |  | (23.8 | ) |  |  | — |  |  |  | (23.8 | )
Total Investments |  |  |  | $ | 136.6 |  |  | $ | 0.3 |  |  | $ | 136.3 |
As of September 30, 2022 and December 31, 2021, there was $0.6 million and $0.3 million, respectively, of interest receivable included in our condensed consolidated balance sheets as prepaid expenses and other current assets.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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