Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Debt 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 debt 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 September 30, 2022 and December 31, 2021 of $250 thousand represents funds the Company is required to set aside as collateral, primarily for one of the Company’s operating leases 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 September 30, 2022, December 31, 2021, September 30, 2021 and December 31, 2020:

 Schedule of Cash, Cash Equivalents and Restricted Cash

Marketable Debt Securities

The Company has classified its investments in marketable debt securities as available-for-sale and as a current asset. The Company’s investments in marketable debt 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 debt securities are recorded in other income, net. For the three and nine months ended September 30, 2022, the Company recorded unrealized losses of $181 thousand and $790 thousand, respectively. For the three and nine months ended September 30, 2021, the Company recorded unrealized losses of $53 thousand and $230 thousand, respectively. As of September 30, 2022 and December 31, 2021, the Company had net accumulated unrealized losses of $936 thousand and $145 thousand, respectively.

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

 Schedule of Marketable Securities

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

 Schedule of Maturities of Debt Securities Available-for-sale

The following tables summarizes the Company’s marketable debt securities as of December 31, 2021:

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