Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Cash and Available-for-Sale Securities

The following tables summarize our cash and available-for-sale securities that were measured at fair value by significant investment category within the fair value hierarchy (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and Cash Equivalents		Cash- Restricted
Assets:
Cash and money market funds	$	29,983	$	—	$	—	$	29,983	$	29,983	$	—
Cash-restricted	1,016		—		—		1,016		—		1,016
Total cash, cash equivalents and restricted cash	$	30,999	$	—	$	—	$	30,999	$	29,983	$	1,016







	December 31, 2021
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and Cash Equivalents		Cash- Restricted
Assets:
Cash and money market funds	$	28,451	$	—	$	—	$	28,451	$	28,451	$	—
Cash-restricted	1,016		—		—		1,016		—		1,016
Total cash, cash equivalents and restricted cash	$	29,467	$	—	$	—	$	29,467	$	28,451	$	1,016

Schedule of Debt

The carrying values of the components of the 2014 Notes and 2019 Notes are as follows (in thousands):


	March 31, 2022		December 31, 2021
2.75% 2014 Notes due 2034
Principal amount	$	578	$	578
Unamortized debt discount	(8)		(8)
Unamortized debt issuance cost	(2)		(2)
Net carrying value of 2014 Notes	$	568	$	568

5.25% 2019 Notes due 2024
Principal amount	$	55,000	$	55,000
Unamortized debt issuance cost	(1,297)		(1,408)
Net carrying value of 2019 Notes	$	53,703	$	53,592
Net carrying value of all Notes	$	54,271	$	54,160

The carrying values of our term loan and advances under the Credit Facility, and the maximum amount available under the Credit Facility are as follows (in thousands):


	March 31, 2022		December 31, 2021
Term Loan
Principal amount	$	10,000	$	10,000
End of term fee accretion	133		79
Unamortized debt issuance cost	(27)		(30)
Net carrying value of term loan	$	10,106	$	10,049

Revolving Credit Facility
Carrying value of advances under credit agreement	$	—	$	6,838

The following table summarizes the par value, carrying value and the estimated fair value of our debt as of March 31, 2022 and December 31, 2021, respectively (in thousands):


	March 31, 2022						December 31, 2021
	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Bridge Loans	$	25,000	$	35,655	$	35,655	$	—	$	—	$	—

Convertible Notes:
2014 Notes	$	578	$	568	$	601	$	578	$	568	$	601
2019 Notes	55,000		53,703		74,998		55,000		53,592		81,880
Total Notes	$	55,578	$	54,271	$	75,599	$	55,578	$	54,160	$	82,481

Term loan, net	$	10,000	$	10,106	$	9,796	$	10,000	$	10,049	$	10,113

Advances under revolving credit agreement	$	—	$	—	$	—	$	6,838	$	6,838	$	6,838

Total debt	$	90,578	$	100,032	$	121,050	$	72,416	$	71,047	$	99,432