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

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands):

​

​	​	​	​	​	​	​
​	​	September 30,		​	December 31,
​		2022			2021
Cash	​	$	28,868	​	$	27,788
Cash equivalents:	​		​	​	​	​
Money market mutual fund	​		1,856	​	​	111,313
Total cash and cash equivalents	​		30,724	​	​	139,101
Short-term investments:	​		​	​	​	​
U.S. Treasury notes and bills	​		201,390	​	​	223,896
Mutual funds	​		98,747	​	​	110,006
Corporate debt securities	​	​	198,664	​	​	155,796
Total short-term investments	​		498,801	​	​	489,698
Cash, cash equivalents and short-term investments	​	$	529,525	​	$	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 September 30, 2022 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

U.S. Treasury notes

​

$

211,391

​

$

6

​

$

(10,007)

​

$

201,390

Corporate debt securities

​

​

214,575

​

​

9

​

​

(15,920)

​

​

198,664

Total available-for-sale investments

​

$

425,966

​

$

15

​

$

(25,927)

​

$

400,054

​

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 September 30, 2022:

​

​	​	​	​	​	​	​
​		Amortized Cost			Fair Value
Due within one year	​	$	100,284	​	$	98,528
Due after one year through five years	​		325,682	​	​	301,526
Due after five years through ten years	​	​	—	​	​	—
Total	​	$	425,966	​	$	400,054

​

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 September 30, 2022 and 2021 are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Nine Months Ended September 30,
​		2022			2021
Net losses recognized during the nine months on equity securities	​	$	(12,436)	​	$	(308)
Less: net gains (losses) recognized during the year on equity securities sold during the period	​		—	​	​	—
Unrealized losses recognized during the nine months on equity securities still held at September 30, 2022 and 2021	​	$	(12,436)	​	$	(308)

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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

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