0001213900-23-036113 | 10-Q | XBRL Viewer

Marketable Debt Securities

3 Months Ended

Mar. 31, 2023

Marketable Debt Securities [Abstract]

4.	Marketable Debt Securities

Marketable debt securities, all of which were classified as available-for-sale, consist of the following:

	March 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses^(a)			Estimated Fair Value
Corporate bonds - presented in marketable debt securities	$	66,042	$	5	$	(472	)	$	65,575
Corporate bonds - presented in marketable debt securities, non-current		2,895		-		(2	)		2,893
Total	$	68,937	$	5	$	(474	)	$	68,468

(a)

The unrealized loss of $474 is comprised of bonds with losses sustained for greater than 12 months of $360 and of bonds with losses sustained for less than 12 months of $114.

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate bonds - presented in marketable debt securities	$	60,790	$	-	$	(547	)	$	60,243
Corporate bonds - presented in marketable debt securities, non-current		18,027		-		(141	)		17,886
Total	$	78,817	$	-	$	(688	)	$	78,129

The Company has recorded the securities at fair value in its condensed consolidated balance sheets and unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold or securities that reached maturity date. The amount of realized gains and losses reclassified into earnings have not been material to the Company’s condensed consolidated statements of operations.

At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. The contractual maturities of all securities held at March 31, 2023 was 13 months or less. There were no sales of securities in the periods presented.

The Company periodically evaluates the need for an allowance for credit losses. This evaluation includes consideration of several qualitative and quantitative factors, including whether it plans to sell the security, whether it is more likely than not it will be required to sell any marketable debt securities before recovery of its amortized cost basis, and if the entity has the ability and intent to hold the security to maturity, and the portion of any unrealized loss that is the result of a credit loss. Factors considered in making these evaluations include quoted market prices, recent financial results, operating trends, and implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, expected cash flows from securities, other publicly available information that may affect the value of the marketable debt security, duration and severity of decline in value and the Company’s strategy and intentions for holding the marketable debt security.

Securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of the excess, if any, is caused by expected credit losses. For the period ended March 31, 2023, it was determined that none of the unrealized loss is related to expected credit losses as the Company has the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. Further, the entire portfolio is held with investment grade high credit quality institutions. The Company intend to continue only investing in such securities. Expected credit losses, if they existed, would be recognized in other income (expense), net. The remaining unrealized losses, not related to credit losses, net of taxes, are included in accumulated other comprehensive loss in stockholders’ equity.

Investment Income

Investment income consists of the following:

	For the Three Months Ended March 31,
	2023		2022
Interest income	$	605	$	529
Accretion/(amortization) of discount/premium, net		82		(410	)
Total interest and investment income	$	687	$	119

Prepaid Expenses and Other Current Assets (Details) - Schedule of prepaid expenses and other current assets - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Mar. 31, 2023	Dec. 31, 2022
Schedule Of Prepaid Expenses And Other Current Assets Abstract
Prepaid software	$ 153	$ 122
Accrued interest on marketable debt securities	$ 491	$ 486

Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Accrued Expenses [Abstract]
Employee Costs	$ 625	$ 2,543
Research and development costs	$ 658	$ 512

Stock-Based Compensation (Details) - Schedule of stock option activities	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Stock-Based Compensation (Details) - Schedule of stock option activities [Line Items]
Number of Options, Exercisable \| shares	987,679
Weighted Average Remaining Contractual Term (years), Granted
Aggregate Intrinsic Value, Granted (in Dollars)
Number of Options, Exercised \| shares
Weighted Average Remaining Contractual Term (years), Exercised
Weighted Average Remaining Contractual Term (years), Forfeited
Aggregate Intrinsic Value, Forfeited (in Dollars)
Weighted Average Remaining Contractual Term (years), Expired
Aggregate Intrinsic Value, Expired (in Dollars)

Label

Element

Value

Settlement Of Restricted Stock Units