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Cash, Cash Equivalents, Restricted Cash and Marketable Securities | 9 Months Ended
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Sep. 30, 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):
|  | September 30, 2022 |  |  | December 31, 2021 |  |  | September 30, 2021 |  |  | December 31, 2020 |
Cash and cash equivalents |  | $ | 198,576 |  |  | $ | 436,189 |  |  | $ | 246,351 |  |  | $ | 32,073 |
Restricted cash |  |  | 189 |  |  |  | 219 |  |  |  | 224 |  |  |  | 237 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows |  | $ | 198,765 |  |  | $ | 436,408 |  |  | $ | 246,575 |  |  | $ | 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 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 38,612 |  |  | $ | - |  |  | $ | - |  |  | $ | 38,612 |
Money market funds |  | 159,964 |  |  |  | - |  |  |  | - |  |  |  | 159,964 |
Total cash and cash equivalents |  | 198,576 |  |  |  | - |  |  |  | - |  |  |  | 198,576 |
Marketable securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | 41,281 |  |  |  | - |  |  |  | (338 | ) |  |  | 40,943 |
U.S. government agency securities |  | 34,246 |  |  |  | - |  |  |  | (219 | ) |  |  | 34,027 |
Corporate debt securities |  | 314,679 |  |  |  | - |  |  |  | (1,739 | ) |  |  | 312,940 |
Total marketable securities available-for-sale |  | 390,206 |  |  |  | - |  |  |  | (2,296 | ) |  |  | 387,910 |
Total cash, cash equivalents and marketable securities | $ | 588,782 |  |  | $ | - |  |  | $ | (2,296 | ) |  | $ | 586,486 |
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):
|  | September 30, 2022 |
|  | Amortized Cost |  |  | Estimated Fair Value |
Mature in one year or less |  | $ | 375,208 |  |  | $ | 372,999 |
Mature after one year through two years |  |  | 14,998 |  |  |  | 14,911 |
|  | $ | 390,206 |  |  | $ | 387,910 |
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: • whether the investment has been in a continuous unrealized loss position for over 12 months; • the duration to maturity of our investments; • 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 we re no realized gains or losses from the sale of marketable securities during the three and nine months ended September 30, 2022 and 2021. There were no investments with unrealized losses longer than 12 months as of September 30, 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.

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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