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Cash, Cash Equivalents and Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2022

Cash, Cash Equivalents and Short-Term Investments

Schedule of cash, cash equivalents and short-term investments

Cash, cash equivalents and short-term investments consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2022			2021
Cash	​	$	32,647	​	$	27,788
Cash equivalents:	​		​	​	​	​
Money market mutual fund	​		101,801	​	​	111,313
Total cash and cash equivalents	​		134,448	​	​	139,101
Short-term investments:	​		​	​	​	​
U.S. Treasury notes and bills	​		316,939	​	​	223,896
Mutual funds	​		105,536	​	​	110,006
Corporate debt securities	​	​	42,588	​	​	155,796
Total short-term investments	​		465,063	​	​	489,698
Cash, cash equivalents and short-term investments	​	$	599,511	​	$	628,799

​

Schedule of available-for-sale debt securities

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at March 31, 2022 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

U.S. Treasury notes

​

$

322,728

​

$

—

​

$

(5,789)

​

$

316,939

Corporate debt securities

​

​

50,831

​

​

—

​

​

(8,243)

​

​

42,588

Total available-for-sale investments

​

$

373,559

​

$

—

​

$

(14,032)

​

$

359,527

​

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at December 31, 2021 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized

​

Unrealized

​

​

​

​

Amortized Cost

Gains

Losses

Fair Value

U.S. Treasury notes

​

$

226,020

$

12

​

$

(2,136)

​

$

223,896

Corporate debt securities

​

​

157,527

​

—

​

(1,731)

​

​

155,796

Total available-for-sale investments

​

$

383,547

$

12

​

$

(3,867)

​

$

379,692

Schedule of investments based on stated contractual maturities

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of March 31, 2022:

​

​	​	​	​	​	​	​
​		Amortized Cost			Fair Value
Due within one year	​	$	37,955	​	$	37,885
Due after one year through five years	​		319,994	​		307,103
Due after five years through ten years	​	​	15,610	​	​	14,539
Total	​	$	373,559	​	$	359,527

​

The following table summarizes the fair value of available-for-sale investments based on stated contractual maturities as of December 31, 2021:

​

​	​	​	​	​	​	​
​		Amortized Cost			Fair Value
Due within one year	​	$	39,081		$	39,035
Due after one year through five years	​		328,776			325,047
Due after five years through ten years	​	​	15,690	​	​	15,610
Total	​	$	383,547		$	379,692

Schedule of unrealized losses on investments

Unrealized losses during 2022 and 2021 related to equity securities held at March 31, 2022 and 2021 are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
Net losses recognized during the three months on equity securities	​	$	(4,908)	​	$	(263)
Less: net gains (losses) recognized during the year on equity securities sold during the year	​		—	​	​	—
Unrealized losses recognized during the three months on equity securities still held at March 31, 2022 and 2021	​	$	(4,908)	​	$	(263)

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

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