Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Short-Term Investments

v3.10.0.1
Cash, Cash Equivalents and Short-Term Investments
 9 Months Ended
Sep. 30, 2018
Cash, Cash Equivalents and Short-Term Investments  
Cash, Cash Equivalents and Short-Term Investments

10.Cash, Cash Equivalents and Short-Term Investments

 

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

 

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

 

2018

    

2017

 

Cash

 

$

3,981

 

$

582

 

Money market funds

 

 

8,585

 

 

2,795

 

U.S. treasury bills

 

 

4,248

 

 

6,726

 

Government-sponsored enterprise securities

 

 

14,489

 

 

7,826

 

Corporate bonds and commercial paper

 

 

84,334

 

 

97,822

 

 

 

$

115,637

 

$

115,751

 

Reported as:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

61,486

 

$

38,290

 

Short-term investments

 

 

54,151

 

 

77,461

 

 

 

$

115,637

 

$

115,751

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Gross

    

Gross

    

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

September 30, 2018

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U.S. treasury bills

 

$

4,250

 

$

 —

 

$

(2)

 

$

4,248

 

Government-sponsored enterprise securities

 

 

14,493

 

 

 —

 

 

(4)

 

 

14,489

 

Corporate bonds and commercial paper

 

 

84,353

 

 

 1

 

 

(20)

 

 

84,334

 

Total

 

$

103,096

 

$

 1

 

$

(26)

 

$

103,071

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Gross

    

Gross

    

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

December 31, 2017

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U.S. treasury bills

 

$

6,733

 

$

 —

 

$

(7)

 

$

6,726

 

Government-sponsored enterprise securities

 

 

7,835

 

 

 —

 

 

(9)

 

 

7,826

 

Corporate bonds and commercial paper

 

 

97,888

 

 

 1

 

 

(67)

 

 

97,822

 

Total

 

$

112,456

 

$

 1

 

$

(83)

 

$

112,374

 

 

As of September 30, 2018, our cash equivalents and short-term investments, which have contractual maturities within one year, had a weighted-average time to maturity of approximately 58 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 September  30, 2018 through their respective maturity dates. At September 30, 2018, we had no investments that had been in a continuous unrealized loss position for more than 12 months.  As of September 30, 2018, a total of 29 individual securities had been in an unrealized loss position for 12 months or less, and the losses were determined 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 significant 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 September 30, 2018.

 

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):

 

 

 

 

 

 

 

 

 

September 30, 2018

    

Fair Value

    

Unrealized Losses

 

U. S. treasury bills

 

$

4,248

 

$

(2)

 

Government-sponsored enterprise securities

 

 

14,489

 

 

(4)

 

Corporate bonds and commercial paper

 

 

34,674

 

 

(20)

 

Total

 

$

53,411

 

$

(26)