Rigel Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2019

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

7. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash, cash equivalents and short-term investments consist of the following (in thousands):


	December 31,
	2019		2018
Cash	$	3,371	$	2,626
Money market funds		7,457		9,106
U.S. treasury bills		12,539		—
Government-sponsored enterprise securities		19,017		7,872
Corporate bonds and commercial paper		55,694		108,933
	$	98,078	$	128,537
Reported as:
Cash and cash equivalents	$	22,521	$	76,322
Short-term investments		75,557		52,215
	$	98,078	$	128,537

Cash equivalents and short-term investments included the following securities with gross unrealized gains and losses (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2019	Cost		Gains		Losses		Fair Value
U.S. treasury bills	$	12,532	$	8	$	(1)	$	12,539
Government-sponsored enterprise securities	$	19,010	$	8	$	(1)	$	19,017
Corporate bonds and commercial paper		55,685		14		(5)		55,694
Total	$	87,227	$	30	$	(7)	$	87,250


			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2018	Cost		Gains		Losses		Fair Value
Government-sponsored enterprise securities	$	7,873	$	—	$	(1)	$	7,872
Corporate bonds and commercial paper		108,957		2		(26)		108,933
Total	$	116,830	$	2	$	(27)	$	116,805

As of December 31, 2019, our cash equivalents and short-term investments, which have contractual maturities within one year, had a weighted‑average time to maturity of approximately 117 days. We view our short-term investments portfolio as available for use in current operations. We have the ability to hold all investments as of December 31, 2019 through their respective maturity dates. At December 31, 2019, we had no investments that had been in a continuous unrealized loss position for more than 12 months. As of December 31, 2019, a total of 19 individual securities had been in an unrealized loss position for 12 months or less and the losses were deemed to be temporary. The gross unrealized losses above were caused by interest rate increases. No significant facts or circumstances have arisen to indicate that there has been any deterioration in the creditworthiness of the issuers of the securities held by us. Based on our review of these securities, including the assessment of the duration and severity of the unrealized losses and our ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these securities at December 31, 2019.

The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):


December 31, 2019	Fair Value		Unrealized Losses
U. S. treasury bills	$	4,512	$	(1)
Government-sponsored enterprise securities		8,009		(1)
Corporate bonds and commercial paper		18,731		(5)
Total	$	31,252	$	(7)