XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Investments | 3 Months Ended
--- | ---
Mar. 31, 2023
Schedule Of Investments [Abstract] |
Investments | 3. Investments Cash Equivalents — Cash equivalents consist of highly liquid investments with original or remaining maturities of 90 days or less at the time of purchase that are readily convertible into cash. 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 evaluates the fair value of its investment in Thirona by applying a Monte Carlo simulation model. As of March 31, 2023 and December 31, 2022, the fair value of the Company's investment in Thirona was $7.1 million. Held-to-Maturity Investments — Investments consist of highly liquid investments that are intended to facilitate liquidity and capital preservation. The amortization or accretion of the Company’s investments is recognized as interest income in the condensed consolidated statements of operations. For the three months ended March 31, 2023, the Company recognized $1.2 million of interest income on investments and a de minimis amount of amortization on certain investments. For the three months ended March 31, 2022, the Company recognized $0.4 million of interest income on investments and $0.3 million of amortization on certain investments. No allowance for credit losses on held-to-maturity securities was required as of March 31, 2023. The contractual maturities of the Company’s held to maturity investments are summarized below (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
Due in one year or less(1) |  | $ | 154,569 |  |  | $ | 154,314 |  |  | $ | 152,862 |  |  | $ | 156,976 |
Due after one year through five years |  |  | 492 |  |  |  | 496 |  |  |  | 1,961 |  |  |  | 1,948 |
Total |  | $ | 155,061 |  |  | $ | 154,810 |  |  | $ | 154,823 |  |  | $ | 158,924 |
___________________________ (1) The investments due in one year or less include cash equivalents of $74.3 million as of March 31, 2023 and $51.8 million as of December 31, 2022. The fair value of the cash equivalents, long-term and short-term investments are disclosed below (dollars in thousands).
|  | March 31, 2023 |
|  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Commercial bonds and paper |  | Level 2 |  | $ | 56,832 |  |  | $ | (269 | ) |  | $ | 56,563 |
Money market funds |  | Level 1 |  |  | 74,295 |  |  |  | — |  |  |  | 74,295 |
U.S. Treasuries |  | Level 2 |  |  | 23,934 |  |  |  | (317 | ) |  |  | 23,617 |
Total cash equivalents and investments |  |  |  |  | 155,061 |  |  |  | (586 | ) |  |  | 154,475 |
Less: cash equivalents |  |  |  |  | 74,296 |  |  |  | — |  |  |  | 74,296 |
Total Investments |  |  |  | $ | 80,765 |  |  | $ | (586 | ) |  | $ | 80,179 |
|  | December 31, 2022 |
|  | Investment Level |  | Amortized Cost (Carrying Value) |  |  | Gross Unrealized Holding Losses |  |  | Estimated Fair Value |
Commercial bonds and paper |  | Level 2 |  | $ | 66,762 |  |  | $ | (594 | ) |  | $ | 66,168 |
Money market funds |  | Level 1 |  |  | 51,783 |  |  |  | — |  |  |  | 51,783 |
U.S. Treasuries |  | Level 2 |  |  | 36,278 |  |  |  | (587 | ) |  |  | 35,691 |
Total cash equivalents and investments |  |  |  |  | 154,823 |  |  |  | (1,181 | ) |  |  | 153,642 |
Less: cash equivalents |  |  |  |  | 51,783 |  |  |  | — |  |  |  | 51,783 |
Total Investments |  |  |  | $ | 103,040 |  |  | $ | (1,181 | ) |  | $ | 101,859 |
As of March 31, 2023, there was $0.7 million of amounts receivable included in our condensed consolidated balance sheets as prepaid expenses and other current assets, which consisted of $0.6 million of accrued interest receivable and $0.1 million of amount receivable on matured investment. As of December 31, 2022, there was $0.6 million of accrued interest receivable and $5.1 million of amount receivable on matured investment.

X
- 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
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration