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

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (in thousands):

​

​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2023			2022
Cash	​	$	36,000	​	$	34,752
Cash equivalents:	​		​	​	​	​
Money market mutual fund	​		2,538	​	​	1,843
Total cash and cash equivalents	​		38,538	​	​	36,595
Short-term investments:	​		​	​	​	​
U.S. Treasury notes and bills	​		190,833	​	​	190,718
Mutual funds	​		101,287	​	​	99,777
Corporate debt securities	​	​	191,956	​	​	196,233
Total short-term investments	​		484,076	​	​	486,728
Cash, cash equivalents and short-term investments	​	$	522,614	​	$	523,323

​

Schedule of available-for-sale debt investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security at March 31, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

U.S. Treasury notes

​

$

188,726

​

$

2,108

​

$

(1)

​

$

190,833

Corporate debt securities

​

​

190,389

​

​

1,790

​

​

(223)

​

​

191,956

Total available-for-sale investments

​

$

379,115

​

$

3,898

​

$

(224)

​

$

382,789

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

U.S. Treasury notes

​

$

199,626

$

5

​

$

(8,913)

​

$

190,718

Corporate debt securities

​

​

210,764

​

1,243

​

(15,774)

​

​

196,233

Total available-for-sale investments

​

$

410,390

$

1,248

​

$

(24,687)

​

$

386,951

​

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, 2023:

​

​	​	​	​	​	​	​
​		Amortized Cost			Fair Value
Due within one year	​	$	142,192	​	$	143,467
Due after one year through five years	​		236,923	​	​	239,322
Due after five years through ten years	​	​	—	​	​	—
Total	​	$	379,115	​	$	382,789

​

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

​

​	​	​	​	​	​	​
​		Amortized Cost			Fair Value
Due within one year	​	$	129,568	​	$	126,776
Due after one year through five years	​		280,822	​	​	260,175
Due after five years through ten years	​	​	—	​	​	—
Total	​	$	410,390	​	$	386,951

​

Schedule of gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

The following table shows the Company’s gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 Months

​

12 Months or More

​

Total

​

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

Fair Value

​

Losses

​

Fair Value

​

Losses

​

Fair Value

​

Losses

U.S. Treasury notes

$

14,573

$

(1)

$

176,260

$

—

$

190,833

$

(1)

Corporate debt securities

​

41,521

​

(11)

​

150,435

​

(212)

​

191,956

​

(223)

Total

​

$

56,094

​

$

(12)

​

$

326,695

​

$

(212)

​

$

382,789

​

$

(224)

​

Schedule of unrealized losses on investments

Unrealized losses during 2023 and 2022 related to equity securities held at March 31, 2023 and 2022 are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2023			2022
Net losses recognized during the three months on equity securities	​	$	—	​	$	(4,908)
Less: net gains (losses) recognized during the year on equity securities sold during the period	​		1,510	​	​	—
Unrealized losses recognized during the three months on equity securities still held at March 31, 2023 and 2022	​	$	1,510	​	$	(4,908)

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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).

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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
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-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

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