10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 001-38890

 

Cortexyme, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

90-1024039

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

269 East Grand Ave.

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (415) 910-5717

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

CRTX

 

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of May 3, 2022, the registrant had 30,150,835 shares of common stock, $0.001 par value per share, outstanding.

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Stockholders’ Equity

3

 

Condensed Consolidated Statements of Cash Flows

4

 

Notes to Unaudited Condensed Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

29

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 3.

Defaults Upon Senior Securities

71

Item 4.

Mine Safety Disclosures

71

Item 5.

Other Information

71

Item 6.

Exhibits

72

Signatures

73

 

i


PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Cortexyme, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

March 31, 2022

 

 

December 31, 2021 (1)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

67,564

 

 

$

69,724

 

Short term investments

 

 

23,960

 

 

 

37,078

 

Prepaid expenses and other current assets

 

 

4,829

 

 

 

4,871

 

Total current assets

 

 

96,353

 

 

 

111,673

 

Property and equipment, net

 

 

230

 

 

 

263

 

Operating lease right-of-use assets, net

 

 

343

 

 

 

1,165

 

Long term investments

 

 

19,175

 

 

 

19,933

 

Other assets

 

 

29

 

 

 

194

 

Total assets

 

$

116,130

 

 

$

133,228

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,731

 

 

$

4,911

 

Accrued expenses and other current liabilities

 

 

5,979

 

 

 

9,311

 

Total current liabilities

 

 

9,710

 

 

 

14,222

 

Long-term operating lease liabilities

 

 

40

 

 

 

420

 

Total liabilities

 

 

9,750

 

 

 

14,642

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and
   outstanding as of March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized,
   
30,149,570 and 30,074,412 issued and outstanding as of March 31, 2022 and
   December 31, 2021, respectively

 

 

30

 

 

 

30

 

Additional paid in capital

 

 

365,096

 

 

 

355,234

 

Accumulated other comprehensive loss

 

 

(506

)

 

 

(79

)

Accumulated deficit

 

 

(258,240

)

 

 

(236,599

)

Total stockholders’ equity

 

 

106,380

 

 

 

118,586

 

Total liabilities and stockholders’ equity

 

$

116,130

 

 

$

133,228

 

(1)
The balance sheet as of December 31, 2021 is derived from the audited financial statements as of that date

 

See accompanying notes.

1


Cortexyme, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

$

12,757

 

 

$

16,824

 

General and administrative

 

 

9,106

 

 

 

6,489

 

Total operating expenses

 

 

21,863

 

 

 

23,313

 

Loss from operations

 

 

(21,863

)

 

 

(23,313

)

Interest income

 

 

72

 

 

 

227

 

Other income

 

 

150

 

 

 

 

Net loss

 

 

(21,641

)

 

 

(23,086

)

Other comprehensive income:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(114

)

 

 

 

Unrealized loss on available for sales securities

 

 

(313

)

 

 

(124

)

Total comprehensive loss

 

$

(22,068

)

 

$

(23,210

)

Net loss per share - basic and diluted

 

$

(0.72

)

 

$

(0.78

)

Weighted average shares of common stock outstanding - basic and diluted

 

 

30,134,445

 

 

 

29,554,921

 

 

See accompanying notes.

2


Cortexyme, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Common Stock

 

 

Additional
Paid in

 

 

Accumulated Other
Comprehensive

 

 

Accumulated

 

 

Total Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income / (Loss)

 

 

Deficit

 

 

Equity

 

Balance January 1, 2022

 

 

30,074,412

 

 

$

30

 

 

$

355,234

 

 

$

(79

)

 

$

(236,599

)

 

$

118,586

 

Issuance of common stock in connection with open market sales agreement, net of issuance costs of $19

 

 

51,769

 

 

 

 

 

 

608

 

 

 

 

 

 

 

 

 

608

 

Exercise of stock options

 

 

23,389

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

14

 

Stock based compensation

 

 

 

 

 

 

 

 

9,240

 

 

 

 

 

 

 

 

 

9,240

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

(114

)

 

 

 

 

 

(114

)

Unrealized loss on available for sale investments

 

 

 

 

 

 

 

 

 

 

 

(313

)

 

 

 

 

 

(313

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(21,641

)

 

 

(21,641

)

Balance March 31, 2022

 

 

30,149,570

 

 

$

30

 

 

$

365,096

 

 

$

(506

)

 

$

(258,240

)

 

$

106,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2021

 

 

29,543,222

 

 

$

29

 

 

$

318,574

 

 

$

313

 

 

$

(146,654

)

 

$

172,262

 

Exercise of stock options

 

 

32,722

 

 

 

 

 

 

441

 

 

 

 

 

 

 

 

 

441

 

Stock based compensation

 

 

 

 

 

 

 

 

6,991

 

 

 

 

 

 

 

 

 

6,991

 

Unrealized loss on available for sale investments

 

 

 

 

 

 

 

 

 

 

 

(124

)

 

 

 

 

 

(124

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(23,086

)

 

 

(23,086

)

Balance March 31, 2021

 

 

29,575,944

 

 

$

29

 

 

$

326,006

 

 

$

189

 

 

$

(169,740

)

 

$

156,484

 

 

See accompanying notes.

3


 

Cortexyme, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(21,641

)

 

$

(23,086

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Non-cash rent expense

 

 

 

 

92

 

Stock based compensation

 

 

9,240

 

 

 

6,991

 

Depreciation and amortization

 

 

38

 

 

 

86

 

Amortization of premium on available for sale investments

 

 

135

 

 

202

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

42

 

 

 

1,192

 

Other assets

 

 

165

 

 

 

 

Accounts payable

 

 

(1,180

)

 

 

(710

)

Accrued expenses and other current liabilities

 

 

(2,890

)

 

 

1,623

 

Net cash used in operating activities

 

 

(16,091

)

 

 

(13,610

)

Cash flow from investing activities:

 

 

 

 

 

 

Purchase of investments

 

 

(8,957

)

 

 

(11,980

)

Proceeds from maturities and sales of investments

 

 

22,375

 

 

 

43,660

 

Purchase of property and equipment

 

 

(5

)

 

 

(37

)

Net cash provided by investing activities

 

 

13,413

 

 

 

31,643

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock upon exercise of stock options

 

 

14

 

 

 

441

 

Proceeds from issuance of common stock in connection with open market sales agreement, net of issuance costs

 

 

608

 

 

 

 

Net cash provided by financing activities

 

 

622

 

 

 

441

 

Effect of exchange rate changes on cash

 

 

(104

)

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

(2,160

)

 

 

18,474

 

Cash and cash equivalents at beginning of period

 

 

69,724

 

 

 

66,841

 

Cash and cash equivalents at end of period

 

$

67,564

 

 

$

85,315

 

 

 

 

 

 

 

 

Supplemental disclosures of non-cash information:

 

 

 

 

 

 

Right-of-use asset and operating lease liability reduction as a result of lease modification

 

$

(640

)

 

$

 

 

See accompanying notes.

4


 

Cortexyme, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Organization

Description of Business

Cortexyme, Inc. (the “Company”) was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. In April 2021, the Company established a wholly owned subsidiary in Australia, Cortexyme Australia, Pty Ltd. The Company is a clinical stage biopharmaceutical company focused on novel therapeutic approaches to improve the lives of patients diagnosed with Alzheimer’s and other degenerative diseases. The Company’s pipeline includes proprietary drug candidates for the treatment of Central Nervous System ("CNS") disorders including Alzheimer’s disease, oncology applications designed to the development of oral squamous cell carcinoma, as well as for the treatment of underserved and chronic conditions like periodontitis. The Company’s pipeline also includes a proprietary irreversible protease inhibitor under development for the treatment of coronavirus infection.

Liquidity and Capital Resources

The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of March 31, 2022, the Company had an accumulated deficit of $258.2 million. Since inception through March 31, 2022, the Company has funded operations primarily with the net proceeds from the issuance of convertible promissory notes, from the issuance of redeemable convertible preferred stock, from the net proceeds from the Company’s initial public offering (the “IPO”), a private investment in public equity transaction (“PIPE Financing”), and an at-the-market offering under an open market sales agreement. As of March 31, 2022, the Company had cash, cash equivalents, and short-term investments of $91.5 million, which it believes will be sufficient to fund its planned operations for a period of at least 12 months from the date of the issuance of the accompanying unaudited consolidated financial statements. The Company also has long-term investments of $19.2 million.

Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may need to raise additional capital to fully implement its business plan. The Company may raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidate.

Note 2. Summary of Significant Accounting Policies

Basis of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.

 

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included.

The condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity as of March 31, 2022 and 2021, the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Form 10-K filed with the SEC on March 1, 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period.

5


 

Risks and Uncertainties

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration ("FDA") and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. On January 25, 2022, the Company received a letter from the FDA Division of Neurology 1 placing a full clinical hold on atuzaginstat (COR388) IND application. Other divisions of the FDA may impose a clinical hold on atuzaginstat (COR388) as the Company explores other indications for this drug, or otherwise limit the Company’s ability to proceed with other clinical programs in the Company's pipeline, which could have a materially adverse impact on the Company.

 

In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures,

quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Although recently these restrictions are being modified and removed in many geographies, companies globally continue to take precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted.

 

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, eligibility of expenses for the Australia research and development refundable tax credits; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.

 

Foreign Currency Translation and Transactions

The functional currency of the Company’s wholly-owned subsidiary is the Australian Dollar. Its financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss), as a separate component of equity.

Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the consolidated statements of operations and comprehensive loss.

 

 

Significant Accounting Policies

There have been no significant changes to the accounting policies during the three months ended March 31, 2022, as compared to the significant accounting policies described in our Annual Report on Form 10-K.

Cash and Cash Equivalents

6


 

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented.

 

Fair Value Measurements

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period.

Recent Accounting Pronouncements Adopted

ASU 2021-10, Disclosures by Business Entities about Government Assistance. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832)," which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy (for example, IFRS guidance in IAS 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions within scope, the new standard requires the disclosure of information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for annual reporting periods beginning after December 15, 2021. The adoption of this pronouncement did not have a material impact on its consolidated financial statements or disclosures.

Recent Accounting Pronouncements Not Yet Adopted

The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements:

Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Note 3. Fair Value Measurements

The Company measures and reports its cash equivalents and investments at fair value.

7


 

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2022 and December 31, 2021 are presented in the following tables (in thousands):

 

 

 

Fair Value Measurements at March 31, 2022

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

 

$

32,361

 

 

$

32,361

 

 

$

 

 

$

 

Certificates of Deposit

 

 

8,227

 

 

 

 

 

 

8,227

 

 

 

 

Repurchase Agreements

 

 

5,000

 

 

 

 

 

 

5,000

 

 

 

 

Corporate notes

 

 

26,418

 

 

 

 

 

 

26,418

 

 

 

 

Government and agency notes

 

 

6,689

 

 

 

 

 

 

6,689

 

 

 

 

Municipal notes

 

 

1,706

 

 

 

 

 

 

1,706

 

 

 

 

Commercial Paper

 

 

2,895

 

 

 

 

 

 

2,895

 

 

 

 

Total

 

$

83,296

 

 

$

32,361

 

 

$

50,935

 

 

$

 

 

 

 

Fair Value Measurements at December 31, 2021

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds

 

$

15,954

 

 

$

15,954

 

 

$

 

 

$

 

Certificates of Deposit

 

 

11,503

 

 

 

 

 

 

11,503

 

 

 

 

Repurchase Agreements

 

 

13,500

 

 

 

 

 

 

13,500

 

 

 

 

Corporate notes

 

 

38,397

 

 

 

 

 

 

38,397

 

 

 

 

Government and agency notes

 

 

5,178

 

 

 

 

 

 

5,178

 

 

 

 

Municipal notes

 

 

1,933

 

 

 

 

 

 

1,933

 

 

 

 

Total

 

$

86,465

 

 

$

15,954

 

 

$

70,511

 

 

$

 

 

The following table summarizes the available-for-sale securities (in thousands):

 

 

 

Fair Value Measurements at March 31, 2022

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Money market funds

 

$

32,361

 

 

$

 

 

$

 

 

$

32,361

 

Certificates of Deposit

 

 

8,305

 

 

 

1

 

 

 

(79

)

 

 

8,227

 

Repurchase Agreements

 

 

5,000

 

 

 

 

 

 

 

 

 

5,000

 

Corporate notes

 

 

26,673

 

 

 

2

 

 

 

(257

)

 

 

26,418

 

Government and agency notes

 

 

6,756

 

 

 

 

 

 

(67

)

 

 

6,689

 

Municipal notes

 

 

1,716

 

 

 

 

 

 

(10

)

 

 

1,706

 

Commercial Paper

 

 

2,897

 

 

 

 

 

 

(2

)

 

 

2,895

 

Total cash equivalents and investments

 

$

83,708

 

 

$

3

 

 

$

(415

)

 

$

83,296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified as:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (maturities within 90 days)

 

 

 

 

 

 

 

 

 

 

$

40,161

 

Short-term investments (maturities within one year)

 

 

 

 

 

 

 

 

 

 

 

23,960

 

Long-term investments (maturities beyond 1 year)

 

 

 

 

 

 

 

 

 

 

 

19,175

 

Total cash equivalents and investments

 

 

 

 

 

 

 

 

 

 

$

83,296

 

 

8


 

 

 

Fair Value Measurements at December 31, 2021

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Money market funds

 

$

15,954

 

 

$

 

 

$

 

 

$

15,954

 

Certificates of Deposit

 

 

11,511

 

 

 

12

 

 

 

(20

)

 

 

11,503

 

Repurchase Agreements

 

 

13,500

 

 

 

 

 

 

 

 

 

13,500

 

Corporate notes

 

 

38,470

 

 

 

6

 

 

 

(79

)

 

 

38,397

 

Government and agency notes

 

 

5,195

 

 

 

 

 

 

(17

)

 

 

5,178

 

Municipal notes