4. INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
Investments, All Other Investments [Abstract] |
|
Schedule of Fair Value Hierarchy Assets and Liabilities |
The
valuation inputs hierarchy classification for assets measured at fair value on a recurring basis are summarized below as of June 30, 2022 and December 31, 2021 (in thousands). These tables do not include cash held in our money market savings accounts.
Schedule of Fair Value Hierarchy Assets and Liabilities
As of June 30, 2022 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
-
|
|
$ |
29,006 |
|
$ |
-
|
|
$ |
29,006 |
U.S. Treasury securities |
|
|
- |
|
|
26,920 |
|
|
- |
|
|
26,920 |
|
|
$ |
-
|
|
$ |
55,926 |
|
$ |
-
|
|
$ |
55,926 |
As of December 31, 2021 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
-
|
|
$ |
32,720 |
|
$ |
-
|
|
$ |
32,720 |
|
|
$ |
-
|
|
$ |
32,720 |
|
$ |
-
|
|
$ |
32,720 |
|
Schedule of Unrealized Gain or Loss on Short-term Investments |
Our
short-term investments are summarized below as of June 30, 2022 and December 31, 2021 (in thousands).
Schedule of Unrealized Gain or Loss on Short-term Investments
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
Cost/ |
|
|
Gross |
|
|
Gross |
|
|
Securities, |
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Available- |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
For-Sale |
As of June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
29,118 |
|
$ |
3 |
|
$ |
(115) |
|
$ |
29,006 |
U.S. Treasury securities |
|
|
26,986 |
|
|
- |
|
|
(66) |
|
|
26,920 |
|
|
$ |
56,104 |
|
$ |
3 |
|
$ |
(181) |
|
$ |
55,926 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
|
|
|
Cost/ |
|
|
Gross |
|
|
Gross |
|
|
Securities, |
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Available- |
|
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
For-Sale |
As of December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
32,739 |
|
$ |
3 |
|
$ |
(22) |
|
$ |
32,720 |
|
|
$ |
32,739 |
|
$ |
3 |
|
$ |
(22) |
|
$ |
32,720 |
|
+Maturity Date of Available-for-sale Securities |
The
maturities of the investment securities available-for-sale as of June 30, 2022 and December 31, 2021 are shown below (in
thousands):
+Maturity Date of Available-for-sale Securities
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
As of June 30, 2022 |
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
Maturity date |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than one year |
|
$ |
56,104 |
|
$ |
3 |
|
$ |
(181) |
|
$ |
55,926 |
|
|
$ |
56,104 |
|
|
|
|
|
|
|
$ |
55,926 |
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
As of December 31, 2021 |
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Estimated |
Maturity date |
|
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than one year |
|
$ |
32,739 |
|
$ |
3 |
|
$ |
(22) |
|
$ |
32,720 |
|
|
$ |
32,739 |
|
|
|
|
|
|
|
$ |
32,720 |
|
Schedule of Unrealized Loss on Investment Securities |
The following table summarizes investments that have been in a continuous
unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months
as of June 30, 2022 and December 31, 2021 (in thousands):
Schedule of Unrealized Loss on Investment Securities
|
|
|
Less than Twelve Months |
|
|
Twelve Months or Greater |
|
|
Total |
As of June 30, 2022 |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
26,004 |
|
$ |
(115) |
|
$ |
-
|
|
$ |
-
|
|
$ |
26,004 |
|
$ |
(115) |
U.S. Treasury securities |
|
|
26,920 |
|
|
(66) |
|
|
- |
|
|
- |
|
|
26,920 |
|
|
(66) |
|
|
$ |
52,924 |
|
$ |
(181) |
|
$ |
-
|
|
$ |
-
|
|
$ |
52,924 |
|
$ |
(181) |
|
|
|
Less than Twelve Months |
|
|
Twelve Months or Greater |
|
|
Total |
As of December 31, 2021 |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
|
|
Gross |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
$ |
27,195 |
|
$ |
(22) |
|
$ |
-
|
|
$ |
-
|
|
$ |
27,195 |
|
$ |
(22) |
|
|
$ |
27,195 |
|
$ |
(22) |
|
$ |
-
|
|
$ |
-
|
|
$ |
27,195 |
|
$ |
(22) |
|