Quarterly report pursuant to Section 13 or 15(d)

Short-term Investments

v3.23.1
Short-term Investments
3 Months Ended
Mar. 31, 2023
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 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 March 31, 2023 have a weighted average maturity of 0.2 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 March 31, 2023 and December 31, 2022:

March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

6,330

 

 

$

 

 

$

(6

)

 

$

6,324

 

 

$

6,324

 

 

$

 

Commercial paper

 

 

13,795

 

 

 

 

 

 

(9

)

 

 

13,786

 

 

 

13,786

 

 

 

 

U.S. Treasury bonds

 

 

14,998

 

 

 

 

 

 

(116

)

 

 

14,882

 

 

 

14,882

 

 

 

 

Total

 

$

35,123

 

 

$

 

 

$

(131

)

 

$

34,992

 

 

$

34,992

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$