Cash and Marketable Securities

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

CASH AND MARKETABLE SECURITIES

Cash, Cash Equivalents and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the amount reported within the condensed consolidated statements of cash flows is shown in the table below (in thousands):


	March 31, 2023		March 31, 2022
Cash and cash equivalents	$	74,660	$	171,892
Restricted cash	520		214
Total cash, cash equivalents, and restricted cash at the end of the period	$	75,180	$	172,106

Marketable Securities

All short-term marketable securities were considered held-to-maturity at March 31, 2023. At March 31, 2023, some of the Company’s short-term marketable securities were in an unrealized loss position. The Company determined that it had the positive intent and ability to hold until maturity all short-term marketable securities that have been in a continuous loss position, thus there was no recognition of any other-than-temporary impairment as of March 31, 2023. All short-term marketable securities with unrealized losses as of the balance sheet date have been in a loss position for less than twelve months. Contractual maturities of the short-term marketable securities were within one year or less at March 31, 2023.

The long-term marketable equity securities were recorded at fair market value with changes in the fair value recognized in earnings at March 31, 2023 and December 31, 2022. The long-term marketable debt securities were considered available-for-sale at March 31, 2023 and December 31, 2022. The contractual maturities of the long-term marketable debt securities are less than three years.

The amortized cost, gross unrealized holding losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date are summarized in the tables below (in thousands):


	March 31, 2023
	Amortized Cost		Unrealized Holding Losses		Fair Value
Short-term marketable securities:
U.S. agency securities	$	92,947	$	1,222	$	94,169
Corporate debt securities	118,332		113		118,445
Total short-term marketable securities	211,279		1,335		212,614
Long-term marketable securities:
Corporate equity securities	5,100		(3,828)		1,272
Corporate debt securities	—		—		—
Total long-term marketable securities	5,100		(3,828)		1,272
Total	$	216,379	$	(2,493)	$	213,886


	December 31, 2022
	Amortized Cost		Unrealized Holding Losses		Fair Value
Short-term marketable securities:
U.S. agency securities	$	79,347	$	452	$	79,799
Corporate debt securities	123,821		(220)		123,601
Total short-term marketable securities	203,168		232		203,400
Long-term marketable securities:
Corporate equity securities	5,000		(2,924)		2,076
Total long-term marketable securities	5,000		(2,924)		2,076
Total	$	208,168	$	(2,692)	$	205,476

Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):


	March 31, 2023		December 31, 2022
Within one year	$	211,279	$	203,168
After one year through five years	—		—
Total	$	211,279	$	203,168