Quarterly report pursuant to Section 13 or 15(d)

4. INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS (Tables)

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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.

 

 

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).

 

 

                        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):

 

 

            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):

 

 

      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)