XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

Short-term investments | 9 Months Ended
--- | ---
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Short-term investments | Note 4 Short-Term Investments Below is a summary of short-term investments, which are measured at fair value as of September 30, 2023 (in thousands):
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Corporate bonds |  | $ | 90,860 |  |  | $ | 257 |  |  | $ | (937 | ) |  | $ | 90,180 |
Asset-backed securities |  |  | 1,276 |  |  |  | 9 |  |  |  | (4 | ) |  |  | 1,281 |
Government securities |  |  | 32,953 |  |  |  | 204 |  |  |  | (37 | ) |  |  | 33,120 |
Total |  | $ | 125,089 |  |  | $ | 470 |  |  | $ | (978 | ) |  | $ | 124,581 |
Below is a summary of short-term investments, which are measured at fair value as of December 31, 2022 (in thousands):
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
Corporate bonds |  | $ | 151,245 |  |  | $ | 100 |  |  | $ | (1,769 | ) |  | $ | 149,576 |  |
Asset-backed securities |  |  | 16,269 |  |  |  | 31 |  |  |  | (46 | ) |  |  | 16,254 |  |
Government securities |  |  | 2,950 |  |  |  | 9 |  |  |  | - |  |  |  | 2,959 |  |
Total |  | $ | 170,464 |  |  | $ | 140 |  |  | $ | (1,815 | ) |  | $ | 168,789 |  |
The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
September 30, 2023 |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 19,628 |  |  | $ | (151 | ) |  | $ | 36,484 |  |  | $ | (786 | ) |  | $ | 56,113 |  |  | $ | (937 | )
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | 482 |  |  |  | (4 | ) |  |  | 482 |  |  |  | (4 | )
Government securities |  |  | 4,538 |  |  |  | (37 | ) |  |  | - |  |  |  | - |  |  |  | 4,538 |  |  |  | (37 | )
Total |  | $ | 24,166 |  |  | $ | (188 | ) |  | $ | 36,966 |  |  | $ | (790 | ) |  | $ | 61,133 |  |  | $ | (978 | )
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
December 31, 2022 |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 129,573 |  |  | $ | (1,769 | ) |  | $ | - |  |  | $ | - |  |  | $ | 129,573 |  |  | $ | (1,769 | )
Asset-backed securities |  |  | 11,000 |  |  |  | (46 | ) |  |  | - |  |  |  | - |  |  |  | 11,000 |  |  |  | (46 | )
Government securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 140,573 |  |  | $ | (1,815 | ) |  | $ | - |  |  | $ | - |  |  | $ | 140,573 |  |  | $ | (1,815 | )
The gain recorded in connection with the investment in short-term investments for the three and nine months ended September 30, 2023, was $0.2 million and $0.5 million, respectively, and was recorded as a component of interest income in the condensed consolidated statements of operations. The gain or loss in connection with the investment in short-term investments for the three and nine months ended September 30, 2022 was insignificant. Accrued interest of $1.0 million and $1.4 million is included in short-term investments within the unaudited condensed consolidated balance sheets for the period ended September 30, 2023 and December 31, 2022, respectively. Unrealized losses on the available-for-sale investment securities as of September 30, 2023 and December 31, 2022 are primarily the result of increases in interest rates as a significant portion of the investments were purchased prior to the Federal reserve commenced interest rate increases in 2022. The Company does not intend to sell nor anticipate that it will be required to sell these investments before recovery of the amortized cost basis. As such, unrealized losses were determined not to be related to credit losses and the Company did not record any credit-related impairment losses on the available-for-sale investment securities during the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023, the contractual maturities of available-for-sale investment securities were as follows (in thousands):
|  | Amortized Cost |  |  | Fair Value |  |
Due in one year or less |  | $ | 91,418 |  |  | $ | 91,629 |  |
Due after one year through five years |  | $ | 33,671 |  |  | $ | 32,952 |  |
Total |  | $ | 125,089 |  |  | $ | 124,581 |  |

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
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