XML 71 R9.htm IDEA: XBRL DOCUMENT
v3.23.3

Cash, Cash Equivalents, and Investments | 9 Months Ended
--- | ---
Sep. 30, 2023
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments The Company considers all highly liquid instruments purchased with an original maturity date of 90 days or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and amounts held in interest-bearing money market funds. Cash equivalents are carried at cost, which approximates their fair market value. Short‑term investments consist of investments with original maturities greater than 90 days, as of the date of purchase. The Company considers its investment portfolio available-for-sale. The Company adjusts the cost of investments for amortization of premiums and accretion of discounts to maturity. The Company includes such amortization and accretion in interest income in the unaudited condensed consolidated statements of operations. When the Company holds debt investments classified as available-for-sale pursuant to ASC 320, Investments — Debt Securities, it records available-for-sale securities at fair value, with unrealized gains and losses included in accumulated other comprehensive loss in stockholders’ equity. The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company includes interest and dividends on securities classified as available-for-sale in interest income in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Realized gains and losses are recorded in the unaudited condensed consolidated statements of operations and comprehensive income (loss) based on the specific-identification method. There was no material realized gains or losses on investments for the three and nine months ended September 30, 2023 or 2022. On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) and ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815 Derivatives and Hedging and Topic 825, Financial Instruments. Under these standards, the Company reviews available-for-sale securities for impairment whenever the fair value of the security is less than its amortized cost. If impairment exists and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will write down the amortized cost basis to its fair value at the reporting date, recognizing the difference as a loss within other income, net in the unaudited condensed consolidated statements of operations. If the Company does not intend to sell the security nor is it more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, the Company will determine if any portion of the unrealized loss on the security is due to credit loss. If the impairment is entirely or partially due to credit loss, the Company will measure the credit loss up to the amount of the difference between fair value and amortized cost, and recognize an allowance for credit losses along with the related charge against earnings as a loss within other income, net in the unaudited condensed consolidated statements of operations. The remaining impairment amount due to all other factors is recognized in accumulated other comprehensive income (loss) in the unaudited condensed consolidated balance sheets. Subsequent changes to the Company’s estimate of credit losses will be recorded as adjustments to the allowance for credit losses and net loss. For the three and nine months ended September 30, 2023, the Company determined that no impairments were required to be recognized in the unaudited condensed consolidated statements of operations. The following is a summary of cash, cash equivalents and investments as of September 30, 2023 and December 31, 2022:
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
September 30, 2023 |  |  |  |  |  |  |
Cash and cash equivalents | $ | 41,189 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,189 |
Investments: |  |  |  |  |  |  |
U.S. treasury securities | 190,186 |  |  | — |  |  | (1,304) |  |  | 188,882 |
Total investments | 190,186 |  |  | — |  |  | (1,304) |  |  | 188,882 |
Total cash, cash equivalents and investments | $ | 231,375 |  |  | $ | — |  |  | $ | (1,304) |  |  | $ | 230,071 |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2022: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 79,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,765 |
Investments: |  |  |  |  |  |  |
U.S. treasury securities due in one year or less | 153,604 |  |  | 5 |  |  | (108) |  |  | 153,501 |
Corporate Securities due in one year or less | 4,295 |  |  | — |  |  | (22) |  |  | 4,273 |
Total investments | 157,899 |  |  | 5 |  |  | (130) |  |  | 157,774 |
Total cash, cash equivalents and investments | $ | 237,664 |  |  | $ | 5 |  |  | $ | (130) |  |  | $ | 237,539 |

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

X
- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent + Details
Name: | us-gaap_CashCashEquivalentsAndShortTermInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration