XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Short-term Investments and Fair Value Measurements | 9 Months Ended
--- | ---
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Short-term Investments and Fair Value Measurements | Short-term Investments and Fair Value Measurements The following is a summary of available-for-sale securities as of September 30, 2022 and December 31, 2021:
|  |  | As of September 30, 2022
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 148,919,794 |  |  | $ | — |  |  | $ | (12,168,368) |  |  | $ | 136,751,426 |
U.S. treasury securities | Less than 1 |  | 119,296,713 |  |  | 512 |  |  | (229,625) |  |  | 119,067,600 |
Certificates of deposit | Less than 1 |  | 2,977,223 |  |  | 14,156 |  |  | (325) |  |  | 2,991,054 |
U.S. agency mortgage-backed securities | * |  | 1,451,344 |  |  | — |  |  | (366,526) |  |  | 1,084,818 |
|  |  | $ | 272,645,074 |  |  | $ | 14,668 |  |  | $ | (12,764,844) |  |  | $ | 259,894,898 |
|  |  | As of December 31, 2021
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 192,966,772 |  |  | $ | 87,069 |  |  | $ | (1,614,411) |  |  | $ | 191,439,430 |
U.S. treasury securities | Less than 1 |  | 94,193,441 |  |  | — |  |  | (9,921) |  |  | 94,183,520 |
Commercial paper | Less than 1 |  | 39,967,853 |  |  | — |  |  | — |  |  | 39,967,853 |
Certificates of deposit | Less than 1 |  | 2,976,210 |  |  | 15,618 |  |  | (338) |  |  | 2,991,490 |
U.S. agency mortgage-backed securities | * |  | 1,608,137 |  |  | 4,508 |  |  | (23,998) |  |  | 1,588,647 |
|  |  | $ | 331,712,413 |  |  | $ | 107,195 |  |  | $ | (1,648,668) |  |  | $ | 330,170,940 |
*No single maturity date. During the three and nine months ended September 30, 2022, the Company recorded gross realized gain on investments of $1,000 and $21,000, respectively, and gross realized loss on investments of $945,000 and $1.3 million, respectively. During the three and nine months ended September 30, 2021, the Company recorded gross realized gain on investments of $22,000 and $380,000, respectively, and gross realized loss on investments of $58,000 and $262,000, respectively. During the three and nine months ended September 30, 2022, the Company recorded net unrealized loss on available-for-sale equity securities of $1.8 million and $10.6 million, respectively. During the three and nine months ended September 30, 2021, the Company recorded net unrealized loss on available-for-sale equity securities of $455,000 and $1.2 million, respectively. No material balances were reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022 and 2021. Interest and dividends on investments classified as available-for-sale are included in interest income in the condensed consolidated statements of operations. As of September 30, 2022, the Company had 33 available-for-sale securities in an unrealized loss position, of which 16 with an aggregate total unrealized loss of $5.8 million were in such position for longer than 12 months. The Company periodically reviews its portfolio of available-for-sale debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For the debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities as of September 30, 2022 were primarily due to changes in interest rates, and not due to increased credit risks associated with specific securities. Based on the credit quality of the available-for-sale debt securities that are in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, at September 30, 2022, the Company has not recorded an allowance for credit losses related to its available-for-sale debt securities. The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of September 30, 2022:
| Fair Value Measurements at
| September 30, 2022
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 136,751,426 |  |  | $ | 136,751,426 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 119,067,600 |  |  | 119,067,600 |  |  | — |  |  | — |
Certificates of deposit | 2,991,054 |  |  | — |  |  | 2,991,054 |  |  | — |
U.S. agency mortgage-backed securities | 1,084,818 |  |  | — |  |  | 1,084,818 |  |  | — |
Total short-term investments | 259,894,898 |  |  | 255,819,026 |  |  | 4,075,872 |  |  | — |
Investment in affiliated entity | 2,129,992 |  |  | 2,129,992 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 262,024,890 |  |  | $ | 257,949,018 |  |  | $ | 4,075,872 |  |  | $ | — |
The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2021:
| Fair Value Measurements at
| December 31, 2021
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 191,439,430 |  |  | $ | 191,439,430 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 94,183,520 |  |  | 94,183,520 |  |  | — |  |  | — |
Commercial paper | 39,967,853 |  |  | — |  |  | 39,967,853 |  |  | — |
Certificates of deposit | 2,991,490 |  |  | — |  |  | 2,991,490 |  |  | — |
U.S. agency mortgage-backed securities | 1,588,647 |  |  | — |  |  | 1,588,647 |  |  | — |
Total short-term investments | 330,170,940 |  |  | 285,622,950 |  |  | 44,547,990 |  |  | — |
Investment in affiliated entity | 3,906,796 |  |  | 3,906,796 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 334,077,736 |  |  | $ | 289,529,746 |  |  | $ | 44,547,990 |  |  | $ | — |
Level 1 assets at September 30, 2022 consisted of mutual funds and U.S. treasury securities held by the Company that are valued at quoted market prices, as well as the Company’s investment in its affiliated entity, PLS. The Company accounts for its investment in 597,808 common shares of PLS based on the closing price of the shares on the Korea New Exchange Market on the applicable balance sheet date. Unrealized gains and losses on the Company's equity securities are reported in the consolidated statement of ope rations as unrealized gain or loss on available-for-sale equity securities or as a gain or loss on investment in affiliated entity, as applicable. Level 2 assets at September 30, 2022 consisted of certificates of deposit and U.S. agency mortgage-backed securities held by the Company that are initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing market observable data. The Company obtains the fair value of its Level 2 assets from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or inputs other than quoted prices that are observable either directly or indirectly. The professional pricing service gathers quoted market prices and observable inputs from a variety of industry data providers. The valuation techniques used to measure the fair value of the Company's Level 2 financial instruments were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models such as discounted cash flow techniques. The Company validates the quoted market prices provided by the primary pricing service by comparing the service's assessment of the fair values of the Company's investment portfolio balance against the fair values of the Company's investment portfolio balance obtained from an independent source. There were no Level 3 assets held as of September 30, 2022.
Short-term Investments and Fair Value Measurements | Short-term Investments and Fair Value Measurements The following is a summary of available-for-sale securities as of September 30, 2022 and December 31, 2021:
|  |  | As of September 30, 2022
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 148,919,794 |  |  | $ | — |  |  | $ | (12,168,368) |  |  | $ | 136,751,426 |
U.S. treasury securities | Less than 1 |  | 119,296,713 |  |  | 512 |  |  | (229,625) |  |  | 119,067,600 |
Certificates of deposit | Less than 1 |  | 2,977,223 |  |  | 14,156 |  |  | (325) |  |  | 2,991,054 |
U.S. agency mortgage-backed securities | * |  | 1,451,344 |  |  | — |  |  | (366,526) |  |  | 1,084,818 |
|  |  | $ | 272,645,074 |  |  | $ | 14,668 |  |  | $ | (12,764,844) |  |  | $ | 259,894,898 |
|  |  | As of December 31, 2021
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 192,966,772 |  |  | $ | 87,069 |  |  | $ | (1,614,411) |  |  | $ | 191,439,430 |
U.S. treasury securities | Less than 1 |  | 94,193,441 |  |  | — |  |  | (9,921) |  |  | 94,183,520 |
Commercial paper | Less than 1 |  | 39,967,853 |  |  | — |  |  | — |  |  | 39,967,853 |
Certificates of deposit | Less than 1 |  | 2,976,210 |  |  | 15,618 |  |  | (338) |  |  | 2,991,490 |
U.S. agency mortgage-backed securities | * |  | 1,608,137 |  |  | 4,508 |  |  | (23,998) |  |  | 1,588,647 |
|  |  | $ | 331,712,413 |  |  | $ | 107,195 |  |  | $ | (1,648,668) |  |  | $ | 330,170,940 |
*No single maturity date. During the three and nine months ended September 30, 2022, the Company recorded gross realized gain on investments of $1,000 and $21,000, respectively, and gross realized loss on investments of $945,000 and $1.3 million, respectively. During the three and nine months ended September 30, 2021, the Company recorded gross realized gain on investments of $22,000 and $380,000, respectively, and gross realized loss on investments of $58,000 and $262,000, respectively. During the three and nine months ended September 30, 2022, the Company recorded net unrealized loss on available-for-sale equity securities of $1.8 million and $10.6 million, respectively. During the three and nine months ended September 30, 2021, the Company recorded net unrealized loss on available-for-sale equity securities of $455,000 and $1.2 million, respectively. No material balances were reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2022 and 2021. Interest and dividends on investments classified as available-for-sale are included in interest income in the condensed consolidated statements of operations. As of September 30, 2022, the Company had 33 available-for-sale securities in an unrealized loss position, of which 16 with an aggregate total unrealized loss of $5.8 million were in such position for longer than 12 months. The Company periodically reviews its portfolio of available-for-sale debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For the debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities as of September 30, 2022 were primarily due to changes in interest rates, and not due to increased credit risks associated with specific securities. Based on the credit quality of the available-for-sale debt securities that are in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, at September 30, 2022, the Company has not recorded an allowance for credit losses related to its available-for-sale debt securities. The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of September 30, 2022:
| Fair Value Measurements at
| September 30, 2022
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 136,751,426 |  |  | $ | 136,751,426 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 119,067,600 |  |  | 119,067,600 |  |  | — |  |  | — |
Certificates of deposit | 2,991,054 |  |  | — |  |  | 2,991,054 |  |  | — |
U.S. agency mortgage-backed securities | 1,084,818 |  |  | — |  |  | 1,084,818 |  |  | — |
Total short-term investments | 259,894,898 |  |  | 255,819,026 |  |  | 4,075,872 |  |  | — |
Investment in affiliated entity | 2,129,992 |  |  | 2,129,992 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 262,024,890 |  |  | $ | 257,949,018 |  |  | $ | 4,075,872 |  |  | $ | — |
The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2021:
| Fair Value Measurements at
| December 31, 2021
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 191,439,430 |  |  | $ | 191,439,430 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 94,183,520 |  |  | 94,183,520 |  |  | — |  |  | — |
Commercial paper | 39,967,853 |  |  | — |  |  | 39,967,853 |  |  | — |
Certificates of deposit | 2,991,490 |  |  | — |  |  | 2,991,490 |  |  | — |
U.S. agency mortgage-backed securities | 1,588,647 |  |  | — |  |  | 1,588,647 |  |  | — |
Total short-term investments | 330,170,940 |  |  | 285,622,950 |  |  | 44,547,990 |  |  | — |
Investment in affiliated entity | 3,906,796 |  |  | 3,906,796 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 334,077,736 |  |  | $ | 289,529,746 |  |  | $ | 44,547,990 |  |  | $ | — |
Level 1 assets at September 30, 2022 consisted of mutual funds and U.S. treasury securities held by the Company that are valued at quoted market prices, as well as the Company’s investment in its affiliated entity, PLS. The Company accounts for its investment in 597,808 common shares of PLS based on the closing price of the shares on the Korea New Exchange Market on the applicable balance sheet date. Unrealized gains and losses on the Company's equity securities are reported in the consolidated statement of ope rations as unrealized gain or loss on available-for-sale equity securities or as a gain or loss on investment in affiliated entity, as applicable. Level 2 assets at September 30, 2022 consisted of certificates of deposit and U.S. agency mortgage-backed securities held by the Company that are initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing market observable data. The Company obtains the fair value of its Level 2 assets from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or inputs other than quoted prices that are observable either directly or indirectly. The professional pricing service gathers quoted market prices and observable inputs from a variety of industry data providers. The valuation techniques used to measure the fair value of the Company's Level 2 financial instruments were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models such as discounted cash flow techniques. The Company validates the quoted market prices provided by the primary pricing service by comparing the service's assessment of the fair values of the Company's investment portfolio balance against the fair values of the Company's investment portfolio balance obtained from an independent source. There were no Level 3 assets held as of September 30, 2022.

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration