Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents and Short-Term Investments

v3.20.1
Cash, Cash Equivalents and Short-Term Investments
 3 Months Ended
Mar. 31, 2020
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):

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

 

 

2020

    

2019

 

Cash

 

$

3,131

 

$

3,371

 

Money market funds

 

 

35,401

 

 

7,457

 

U.S. treasury bills

 

 

9,544

 

 

12,539

 

Government-sponsored enterprise securities

 

 

8,635

 

 

19,017

 

Corporate bonds and commercial paper

 

 

39,215

 

 

55,694

 

 

 

$

95,926

 

$

98,078

 

Reported as:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,225

 

$

22,521

 

Short-term investments

 

 

50,701

 

 

75,557

 

 

 

$

95,926

 

$

98,078

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Gross

    

Gross

    

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

March 31, 2020

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U.S. treasury bills

 

$

9,512

 

$

32

 

$

 —

 

$

9,544

 

Government-sponsored enterprise securities

 

$

8,612

 

$

23

 

$

 —

 

$

8,635

 

Corporate bonds and commercial paper

 

 

39,192

 

 

32

 

 

(9)

 

 

39,215

 

Total

 

$

57,316

 

$

87

 

$

(9)

 

$

57,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

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

 

 

As of March 31, 2020, our cash equivalents and short-term investments, which have contractual maturities within one year, had a weighted-average time to maturity of approximately 87 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 March 31, 2020 through their respective maturity dates. At March 31, 2020, we had no investments that had been in a continuous unrealized loss position for more than 12 months.  As of March 31, 2020, a total of 10 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 March 31, 2020.

 

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):

 

 

 

 

 

 

 

 

 

March 31, 2020

    

Fair Value

    

Unrealized Losses

 

Corporate bonds and commercial paper

 

$

13,665

 

$

(9)

 

Total

 

$

13,665

 

$

(9)