XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

Cash, Cash Equivalents, Restricted Cash and Marketable Securities | 9 Months Ended
--- | ---
Sep. 30, 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):
|  | September 30, 2023 |  |  | December 31, 2022 |  |  | September 30, 2022 |  |  | December 31, 2021 |
Cash and cash equivalents |  | $ | 154,511 |  |  | $ | 202,004 |  |  | $ | 198,576 |  |  | $ | 436,189 |
Restricted cash (1) |  |  | 266 |  |  |  | 207 |  |  |  | 189 |  |  |  | 219 |
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows |  | $ | 154,777 |  |  | $ | 202,211 |  |  | $ | 198,765 |  |  | $ | 436,408 |
(1) Restricted cash is included in "Other assets" in the Condensed Consolidated Balance Sheets. 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 |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 21,922 |  |  | $ | - |  |  | $ | - |  |  | $ | 21,922 |
Money market funds |  | 131,837 |  |  |  | - |  |  |  | - |  |  |  | 131,837 |
Corporate debt securities |  | 752 |  |  |  | - |  |  |  | - |  |  |  | 752 |
Total cash and cash equivalents |  | 154,511 |  |  |  | - |  |  |  | - |  |  |  | 154,511 |
Marketable securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | 51,734 |  |  |  | - |  |  |  | (145 | ) |  |  | 51,589 |
U.S. government agency securities |  | 190,323 |  |  |  | - |  |  |  | (1,011 | ) |  |  | 189,312 |
Corporate debt securities |  | 325,360 |  |  |  | 6 |  |  |  | (362 | ) |  |  | 325,004 |
Total marketable securities available-for-sale |  | 567,417 |  |  |  | 6 |  |  |  | (1,518 | ) |  |  | 565,905 |
Total cash and cash equivalents, and marketable securities | $ | 721,928 |  |  | $ | 6 |  |  | $ | (1,518 | ) |  | $ | 720,416 |
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):
|  | September 30, 2023 |
|  | Amortized Cost |  |  | Estimated Fair Value |
Mature in one year or less |  | $ | 494,498 |  |  | $ | 493,376 |
Mature after one year through two years |  |  | 72,919 |  |  |  | 72,529 |
|  | $ | 567,417 |  |  | $ | 565,905 |
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. Commencing with our adoption of ASC 326 on January 1, 2023, 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 each of the three and nine months ended September 30, 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 each of the three and nine months ended September 30, 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 September 30, 2023. As such, there have been no declines in fair value that have been identified as a credit-related impairment.

X
- 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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 + Details
Name: | us-gaap_CashAndCashEquivalentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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