Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities

v3.23.2
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities
6 Months Ended
Jun. 30, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities

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 June 30, 2023 and December 31, 2022 of $250 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 June 30, 2023, December 31, 2022, June 30, 2022 and December 31, 2021:

 

    June 30,
2023
    December 31,
2022
    June 30,
2022
    December 31,
2021
 
Cash and cash equivalents   $ 9,743     $ 6,830     $ 10,399     $ 21,030  
Restricted cash included in current/non-current assets     250       250       250       250  
Cash, cash equivalents and restricted cash in the statement of cash flows   $ 9,993     $ 7,080     $ 10,649     $ 21,280  

 

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 six months ended June 30, 2023, the Company recorded unrealized gains of $81 and $310, respectively. For the three and six months ended June 30, 2022, the Company recorded unrealized losses of $125 and $609, respectively. As of June 30, 2023 and December 31, 2022, the Company had net accumulated unrealized losses of $514 and $824, respectively.

 

The following tables summarize the Company’s marketable debt securities as of June 30, 2023:

 

    Amortized Cost     Unrealized Gain     Unrealized (Loss)     Fair Value  
    Amortized     Unrealized     Unrealized        
    Cost     Gain     (Loss)     Fair Value  
U.S. Treasury Bonds   $ 996     $     $ (22 )   $ 974  
U.S. Government Notes     12,288             (492 )     11,796  
Total marketable debt securities   $ 13,284     $     $ (514 )   $ 12,770  

 

 

Maturities of debt securities classified as available-for-sale were as follows at June 30, 2023:

 

    Fair Value  
Due within one year   $ 5,936  
Due after one year through five years     6,834  
    $ 12,770  

 

 

The following tables summarize the Company’s marketable debt securities as of December 31, 2022:

 

    Amortized Cost     Unrealized Gain     Unrealized (Loss)     Fair Value  
   

Amortized

Cost

   

Unrealized

Gain

   

Unrealized

(Loss)

    Fair Value  
U.S. Treasury Bonds   $ 993     $     $ (34 )   $ 959  
U.S. Government Notes     16,324             (721 )     15,603  
Corporate Debt Securities     5,440             (69 )     5,371  
Total marketable debt securities   $ 22,757     $     $ (824 )   $ 21,933  

 

 

Maturities of debt securities classified as available-for-sale were as follows at December 31, 2022:

 

    Fair Value  
Due within one year   $ 13,240  
Due after one year through five years     8,693  
    $ 21,933