Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

v3.22.2
Cash, Cash Equivalents, Restricted Cash and Marketable Securities
6 Months Ended
Jun. 30, 2022
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Marketable Securities

Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Securities

 

The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable securities. Cash and cash equivalents consisted of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash at both June 30, 2022 and December 31, 2021 of $250 thousand represents funds the Company is required to set aside as collateral primarily for the Company’s lab operating lease and other purposes.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of June 30, 2022, December 31, 2021, June 30, 2021 and December 31, 2020:

 

    June 30,
2022
    December 31,
2021
    June 30,
2021
    December 31,
2020
 
Cash and cash equivalents   $ 10,399     $ 21,030     $ 30,352     $ 12,432  
Restricted cash included in current/long term assets     250       250       336       336  
Cash, cash equivalents and restricted cash in the statement of cash flows   $ 10,649     $ 21,280     $ 30,688     $ 12,768  

 

 

Marketable Securities

 

The Company has classified its investments in marketable securities as available-for-sale and as a current asset. The Company’s investments in marketable securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized losses and gains are classified as other comprehensive (loss)/income and costs are determined on a specific identification basis. Realized gains and losses from our marketable securities are recorded in other income, net. For the three and six months ended June 30, 2022, the Company recorded unrealized losses of $125 thousand and $609 thousand, respectively. For the three and six months ended June 30, 2021, the Company recorded unrealized losses of $85 thousand and $177 thousand, respectively. As of June 30, 2022 and December 31, 2021, the Company had net accumulated unrealized losses of $754 thousand and $145 thousand, respectively.

 

The following tables summarizes the Company’s marketable securities as of June 30, 2022:

 

    Amortized Cost     Unrealized Gain     Unrealized (Loss)     Fair Value  
    Amortized     Unrealized     Unrealized        
    Cost     Gain     (Loss)     Fair Value  
U.S. Treasury Bonds   $ 6,982     $     $ (25 )   $ 6,957  
U.S. Government Notes     16,360             (617 )     15,743  
Corporate Debt Securities     5,516             (112 )     5,404  
Total marketable securities   $ 28,858     $     $ (754 )   $ 28,104  

 

 

Maturities of debt securities classified as available-for-sale were as follows at June 30, 2022:

 

    Fair Value  
Due within one year   $ 15,319  
Due after one year through five years     12,785  
    $ 28,104  

 

 

The following tables summarizes the Company’s marketable securities for the year ended December 31, 2021 consisted of the following:

 

    Amortized Cost     Unrealized Gain     Unrealized (Loss)     Fair Value  
   

Amortized

Cost

   

Unrealized

Gain

   

Unrealized

(Loss)

    Fair Value  
U.S. Government Notes   $ 19,395     $ 2     $ (120 )   $ 19,277  
Corporate Debt Securities     9,092             (27 )     9,065  
State and Municipal Bonds     250                   250  
Total marketable securities   $ 28,737     $ 2     $ (147 )   $ 28,592  

 

Maturities of debt securities classified as available-for-sale were as follows at December 31, 2021:

 

    Fair Value  
Due within one year   $ 8,257  
Due after one year through five years     20,335  
    $ 28,592