Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3. Cash, Cash Equivalents, Restricted Cash and Marketable Securities

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
Cash and cash equivalents	$	179,421	$	436,189	$	79,055	$	32,073
Restricted cash		214		219		226		237
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	179,635	$	436,408	$	79,281	$	32,310

Restricted cash balances relate to certificates of deposit issued as collateral to certain letters of credit issued as security to our facility leases (see Note 5).

Cash, cash equivalents and marketable securities consist of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
March 31, 2022
Cash and cash equivalents:
Cash	$	8,386	$	-	$	-		$	8,386
Money market funds		146,046		-		-			146,046
Corporate debt securities		24,988		1		-			24,989
Total cash and cash equivalents		179,420		1		-			179,421
Marketable securities available-for-sale:
U.S. treasuries		25,087		-		(11	)		25,076
U.S. government agency securities		16,533		-		(14	)		16,519
Corporate debt securities		283,447		-		(1,247	)		282,200
Total marketable securities available-for-sale		325,067		-		(1,272	)		323,795
Total cash, cash equivalents and marketable securities	$	504,487	$	1	$	(1,272	)	$	503,216
December 31, 2021
Cash and cash equivalents:
Cash	$	6,995	$	-	$	-		$	6,995
Money market funds		429,194		-		-			429,194
Total cash and cash equivalents		436,189		-		-			436,189
Marketable securities available-for-sale:
U.S. treasuries		4,005		-		(1	)		4,004
U.S. government agency securities		26,555		-		(7	)		26,548
Corporate debt securities		79,200		9		-			79,209
Total marketable securities available-for-sale		109,760		9		(8	)		109,761
Total cash, cash equivalents and marketable securities	$	545,949	$	9	$	(8	)	$	545,950

The maturities of our marketable securities available-for-sale are as follows (in thousands):


	March 31, 2022
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	325,067	$	323,795
Mature after one year through two years		-		-
	$	325,067	$	323,795

We have classified our entire investment portfolio as available-for-sale and available for use in current operations and accordingly have classified all investments as short-term. Available-for-sale securities are carried at fair value based on inputs that are observable, either directly or indirectly, such as quoted market prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the securities, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. Realized gains and losses and declines in value, if any, judged to be other than temporary on available-for-sale securities are included in interest income or expense. The cost of securities sold is based on the specific identification method. Management assesses whether declines in the fair value of investment securities are other than temporary. In determining whether a decline is other than temporary, management considers the following factors:

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whether the investment has been in a continuous unrealized loss position for over 12 months;

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the duration to maturity of our investments;

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our intention and ability to hold the investment to maturity and if it is not more likely than not that we will be required to sell the investment before recovery of the amortized cost bases;

•

the credit rating, financial condition and near-term prospects of the issuer; and

•

the type of investments made.

There were no realized gains or losses from the sale of marketable securities during the three months ended March 31, 2022 and 2021. Investments with unrealized losses longer than 12 months were insignificant as of March 31, 2022. We do not intend to sell, and are not required to sell, the investments that are in an unrealized loss position before recovery of their amortized cost basis. As such, there have been no declines in fair value that have been identified as other than temporary.