Quarterly report pursuant to Section 13 or 15(d)

Short-term Investments

Short-term Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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