Cash, Cash Equivalents, Restricted Cash and Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

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

The following table provides a reconciliation of cash and 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, 2023		December 31, 2022		March 31, 2022		December 31, 2021
Cash and cash equivalents	$	174,350	$	202,004	$	179,421	$	436,189
Restricted cash		210		207		214		219
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	174,560	$	202,211	$	179,635	$	436,408

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


	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
March 31, 2023
Cash and cash equivalents:
Cash	$	18,598	$	-	$	-		$	18,598
Money market funds		155,752		-		-			155,752
Total cash and cash equivalents		174,350		-		-			174,350
Marketable securities available-for-sale:
U.S. treasuries		22,707		11		(21	)		22,697
U.S. government agency securities		127,248		33		(356	)		126,925
Corporate debt securities		328,391		27		(434	)		327,984
Total marketable securities available-for-sale		478,346		71		(811	)		477,606
Total cash and cash equivalents, and marketable securities	$	652,696	$	71	$	(811	)	$	651,956
December 31, 2022
Cash and cash equivalents:
Cash	$	29,586	$	-	$	-		$	29,586
Money market funds		172,418		-		-			172,418
Total cash and cash equivalents		202,004		-		-			202,004
Marketable securities available-for-sale:
U.S. treasuries		42,502		-		(194	)		42,308
U.S. government agency securities		88,429		-		(397	)		88,032
Corporate debt securities		292,865		12		(826	)		292,051
Total marketable securities available-for-sale		423,796		12		(1,417	)		422,391
Total cash and cash equivalents, and marketable securities	$	625,800	$	12	$	(1,417	)	$	624,395

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


	March 31, 2023
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	439,791	$	439,006
Mature after one year through two years		38,555		38,600
	$	478,346	$	477,606

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. Unrealized losses are included in accumulated other comprehensive loss in stockholders’ equity. Upon adoption of ASC 326 we determine whether a decline in the fair value of our AFS debt securities below their amortized cost basis (i.e., an impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairments (if any) are recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Both the allowance and the adjustment to net income can be reversed if conditions change.

There were no realized gains or losses from the sale of marketable securities during the three months ended March 31, 2023 and 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. During the three months ended March 31, 2023, we did not record an allowance for credit losses, as

management believes any such losses would be immaterial based on the investment-grade credit rating for each of the investments as of March 31, 2023. As such, there have been no declines in fair value that have been identified as a credit-related impairment.