Investments in Equity Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The Company owns common shares, participation rights, and options to purchase additional common shares in certain private companies. On a non-recurring basis, the carrying value is adjusted for changes resulting from observable price changes in orderly transactions for identical or similar investments in the same issuer or an impairment.

There was no gain or loss on equity securities in the unaudited interim Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2023. Included in the Gain (loss) on equity securities in the unaudited interim Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2022 is a $12.5 million gain related to the equity investment in Raven SR, Inc. (“Raven SR”). The investment in Raven SR’s common shares and options was initially accounted for at cost of $2.5 million.

The following table summarizes the total carrying value of held securities, measured as the total initial cost plus cumulative net gain (loss) (in thousands):


	March 31, 2023		December 31, 2022
Total initial cost basis	$	4,948	$	4,948
Adjustments:
Cumulative unrealized gain	12,530		12,530
Cumulative impairment	(2,448)		(2,448)
Carrying amount, end of period	$	15,030	$	15,030

Short-term Investments

The following tables summarize the Company's short-term investments as of March 31, 2023 and December 31, 2022 (in thousands):


	As of March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments
Certificates of deposit	$	15,000	$	138	$	—	$	15,138
Commercial paper	5,000		23		—		5,023
Corporate debt securities	39,156		219		(18)		39,357
Foreign government bonds	12,815		142		—		12,957
U.S. Treasury bills	34,415		508		(6)		34,917
Total short-term investments	$	106,386	$	1,030	$	(24)	$	107,392


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments
Certificates of deposit	$	38,703	$	194	$	—	$	38,897
Commercial paper	26,198		205		—		26,403
Corporate debt securities	46,826		189		(33)		46,982
Foreign government bonds	37,453		348		—		37,801
U.S. Treasury bills	44,333		359		—		44,692
Total short-term investments	$	193,513	$	1,295	$	(33)	$	194,775