Quarterly report pursuant to Section 13 or 15(d)

Short-term Investments

v3.22.2.2
Short-term Investments
9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Short-term Investments

4. Short-term Investments

The Company classifies its short-term investments as available for sale. Short-term investments comprise highly liquid investments with minimum “A-” rated securities and as at period-end consist of corporate entity commercial paper and U.S. Treasury and Agency Bonds with maturities of more than three months at the date of purchase. Short-term investments as of September 30, 2022 have a weighted average maturity of 0.41 years. The investments are reported at fair value with unrealized gains or losses recorded in the condensed consolidated statements of operations and comprehensive loss. Any differences between the cost and fair value of investments are represented by unrealized gains or losses. The fair value of short-term investments is represented by Level 1 fair value measurements – quoted prices in active markets for identical assets.

The following table represents the Company’s available for sale short-term investments by major security type as of September 30, 2022 and December 31, 2021:

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity by period

 

 

 

Cost

 

 

Unrealized

 

 

Unrealized

 

 

Fair Value

 

 

Less than 1

 

 

1 to 5

 

Available for sale

 

Total

 

 

gains

 

 

(losses)

 

 

Total

 

 

year

 

 

years

 

Commercial paper

 

$

27,271

 

 

 

134

 

 

 

(138

)

 

 

27,267

 

 

 

27,267

 

 

 

 

U.S. Treasury and Agency Bonds

 

 

16,988

 

 

 

9

 

 

 

(430

)

 

 

16,567

 

 

 

16,567

 

 

 

 

Total

 

$

44,259

 

 

$

143

 

 

$

(568

)

 

$

43,834

 

 

$

43,834

 

 

$

-

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity by period

 

 

 

 

 

 

Unrealized

 

 

Unrealized

 

 

Fair Value

 

 

Less than 1

 

 

 

 

Available for sale

 

Cost Total

 

 

gains

 

 

(losses)

 

 

Total

 

 

year

 

 

1 to 5 years

 

Commercial paper

 

$

37,549

 

 

 

17

 

 

 

(570

)

 

 

36,996

 

 

 

31,833

 

 

 

5,163

 

U.S. Treasury and Agency Bonds

 

 

16,984

 

 

 

6

 

 

 

(88

)

 

 

16,902

 

 

 

 

 

 

16,902

 

Total

 

$

54,533

 

 

 

23

 

 

 

(658

)

 

 

53,898

 

 

 

31,833

 

 

 

22,065