Annual report pursuant to Section 13 and 15(d)

Short-term Investments

Short-term Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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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 year end consist of corporate bonds, commercial paper and U.S. Treasury bonds with maturities of more than three months at the date of purchase. Short-term investments as of December 31, 2022 have a weighted average maturity of 0.36 years. The investments are reported at fair value with unrealized gains or losses recorded in the consolidated statements of operations and comprehensive loss. Any differences between the amortized cost and fair value of investments are represented by unrealized gains or losses. The fair value of U.S. Treasury bonds, corporate bonds and commercial paper are represented by Level 2 fair value measurements - quoted price for a similar asset, or other observable inputs such as interest rates or yield curves.

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


December 31, 2022					Maturity by period
	Amortized	Unrealized	Unrealized	Fair Value	Less than 1
Available-for-sale	Cost	Gains	(Losses)	Total	Year	1 to 5 Years
Corporate bonds	$7,836	$—	$(55)	$7,781	$7,781	$—
Commercial paper	15,230	2	—	15,232	15,232	—
U.S. Treasury bonds	16,996	—	(297)	16,699	16,699	—
Total	$40,062	$2	$(352)	$39,712	$39,712	$—

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


December 31, 2021					Maturity by period
	Amortized	Unrealized	Unrealized	Fair Value	Less than 1
Available-for-sale	Cost	Gains	(Losses)	Total	Year	1 to 5 Years
Corporate bonds	$31,723	$1	$(21)	$31,703	$30,677	$1,026
Commercial paper	5,293	—	—	5,293	5,293	—
U.S. Treasury bonds	16,989	—	(87)	16,902	—	16,902
Total	$54,005	$1	$(108)	$53,898	$35,970	$17,928