Cash, cash equivalents and investments |
Our cash and cash equivalents consist of cash and instruments with original maturities of less than three months. Our investments consist of instruments with original maturities of more than three months. As of December 31, 2021 and 2020, our cash, cash equivalents and debt investments are classified as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | | | | | | | Gross | | Gross | | | | | | | | Gross | | Gross | | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | Amortized | | Unrealized | | Unrealized | | Fair | | | | Cost | | Gain | | (Loss) | | Value | | Cost | | Gain | | (Loss) | | Value | | Classified as: | | | | | | | | | | | | | | | | | | | | | | | | | | Cash | | $ | 36,763 | | $ | — | | $ | — | | $ | 36,763 | | $ | 72,602 | | $ | — | | $ | — | | $ | 72,602 | | Cash equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | | Certificates of deposit 1 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Total cash and cash equivalents | | | 36,763 | | | — | | | — | | | 36,763 | | | 72,602 | | | — | | | — | | | 72,602 | | Investments (available-for-sale): | | | | | | | | | | | | | | | | | | | | | | | | | | Certificates of deposit 2 | | | 6,680 | | | — | | | (19) | | | 6,661 | | | 2,880 | | | 5 | | | — | | | 2,885 | | Corporate bonds | | | 8,380 | | | — | | | (46) | | | 8,334 | | | 3,083 | | | — | | | (2) | | | 3,081 | | Total investments | | | 15,060 | | | — | | | (65) | | | 14,995 | | | 5,963 | | | 5 | | | (2) | | | 5,966 | | Total cash, cash equivalents and investments | | $ | 51,823 | | $ | — | | $ | (65) | | $ | 51,758 | | $ | 78,565 | | $ | 5 | | $ | (2) | | $ | 78,568 | | Contractual maturities on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | Due within 1 year 3 | | $ | 5,424 | | | | | | | | $ | 5,419 | | $ | 240 | | | | | | | | $ | 240 | | Due after 1 through 5 years 4 | | | 9,636 | | | | | | | | | 9,576 | | | 5,723 | | | | | | | | | 5,726 | | | | $ | 15,060 | | | | | | | | $ | 14,995 | | $ | 5,963 | | | | | | | | $ | 5,966 | |
1. | Certificate of deposit with original maturities of less than three months. |
2. | Certificate of deposit with original maturities of more than three months. |
3. | Classified as “Short-term investments” in our consolidated balance sheets. |
4. | Classified as “Long-term investments” in our consolidated balance sheets. |
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Fair value and gross unrealized losses related to available-for-sale securities |
The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2021 (in thousands): | | | | | | | | | | | | | | | | | | | | | | In Loss Position | | In Loss Position | | Total In | | | | < 12 months | | > 12 months | | Loss Position | | | | | | | Gross | | | | | Gross | | | | | Gross | | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | As of December 31, 2021 | | Value | | (Losses) | | Value | | (Losses) | | Value | | (Losses) | | Investments: | | | | | | | | | | | | | | | | | | | | Certificates of deposit | | $ | 6,181 | | $ | (19) | | $ | — | | $ | — | | $ | 6,181 | | $ | (19) | | Corporate bonds | | | 5,970 | | | (42) | | | 2,013 | | | (4) | | | 7,983 | | | (46) | | Total in loss position | | $ | 12,151 | | $ | (61) | | $ | 2,013 | | $ | (4) | | $ | 14,164 | | $ | (65) | |
The following table summarizes the fair value and gross unrealized losses related to available-for-sale debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position as of December 31, 2020 (in thousands): | | | | | | | | | | | | | | | | | | | | | | In Loss Position | | In Loss Position | | Total In | | | | < 12 months | | > 12 months | | Loss Position | | | | | | | Gross | | | | | Gross | | | | | Gross | | | | Fair | | Unrealized | | Fair | | Unrealized | | Fair | | Unrealized | | As of December 31, 2020 | | Value | | (Loss) | | Value | | (Loss) | | Value | | (Loss) | | Investments: | | | | | | | | | | | | | | | | | | | | Corporate bonds | | | 2,048 | | | (2) | | | — | | | — | | | 2,048 | | | (2) | | Total in loss position | | $ | 2,048 | | $ | (2) | | $ | — | | $ | — | | $ | 2,048 | | $ | (2) | |
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Summary of financial assets and liabilities measured at fair value on a recurring basis |
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2021 (in thousands): | | | | | | | | | | | | | | | | | | | Quoted Prices in | | | | | Significant | | | | | | | Active Markets of | | Significant Other | | Unobservable | | | | Balance as of | | Identical Assets | | Observable Inputs | | Inputs | | | | December 31, 2021 | | (Level 1) | | (Level 2) | | (Level 3) | | Assets: | | | | | | | | | | | | | | Cash equivalents and investments: | | | | | | | | | | | | | | Certificates of deposit | | $ | 6,661 | | $ | — | | $ | 6,661 | | $ | — | | Corporate bonds | | | 8,334 | | | — | | | 8,334 | | | — | | Total | | $ | 14,995 | | $ | — | | $ | 14,995 | | $ | — | |
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis in accordance with ASC 820 as of December 31, 2020 (in thousands): | | | | | | | | | | | | | | | | | | | Quoted Prices in | | | | | Significant | | | | | | | Active Markets of | | Significant Other | | Unobservable | | | | Balance as of | | Identical Assets | | Observable Inputs | | Inputs | | | | December 31, 2020 | | (Level 1) | | (Level 2) | | (Level 3) | | Assets: | | | | | | | | | | | | | | Cash equivalents and investments: | | | | | | | | | | | | | | Certificates of deposit | | $ | 2,885 | | $ | — | | $ | 2,885 | | $ | — | | Corporate bonds | | | 3,081 | | | — | | | 3,081 | | | — | | Total | | $ | 5,966 | | $ | — | | $ | 5,966 | | $ | — | |
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