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, 2023

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: 001-40431

DAY ONE BIOPHARMACEUTICALS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

83-2415215

(State or other jurisdiction of

incorporation or organization)

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

2000 Sierra Point Parkway, Suite 501

Brisbane, CA

94005

(Address of principal executive offices)

(Zip Code)

(650) 484-0899

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

 

 

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

DAWN

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 April 25, 2023, the registrant had 73,572,633 shares of common stock, $0.0001 par value per share, outstanding.

 

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and section 27A of the Securities Act of 1933, as amended, or the Securities Act. All statements contained in this Quarterly Report other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy, market size, potential growth opportunities, nonclinical and clinical development activities, efficacy and safety profile of our product candidates, potential therapeutic benefits and economic value of our product candidates, use of net proceeds from our public offerings, our ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of nonclinical studies and clinical trials, commercial collaboration with third parties, and our ability to recognize milestone and royalty payments from commercialization agreements, the potential impact of global business or macroeconomic conditions, including as a result of inflation, rising interest rates, instability in the global banking system, and geopolitical conflicts, including the war in Ukraine, on our operations, and the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “predict,” “target,” “intend,” “could,” “would,” “should,” “project,” “plan,” “expect,” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Item 1A, “Risk Factors” and elsewhere in this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations, except as required by law. You should read this Quarterly Report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

Unless the context indicates otherwise, as used in this Quarterly Report on Form 10-Q, the terms “Day One,” “the Company,” “we,” “us,” and “our” refer to Day One Biopharmaceuticals, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole, unless otherwise noted. “Day One” and all product candidate names are our common law trademarks. This Quarterly Report contains additional trade names, trademarks and service marks of other companies, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

4

Item 1.

Interim Condensed Consolidated Financial Statements (Unaudited)

4

Condensed Consolidated Balance Sheets

4

Condensed Consolidated Statements of Operations

5

 

Condensed Consolidated Statements of Comprehensive Loss

6

Condensed Consolidated Statements of Stockholders’ Equity

7

Condensed Consolidated Statements of Cash Flows

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

32

PART II.

OTHER INFORMATION

33

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

92

Item 3.

Defaults Upon Senior Securities

92

Item 4.

Mine Safety Disclosures

93

Item 5.

Other Information

93

Item 6.

Exhibits

94

Signatures

95

3


 

PART I-FINANCIAL INFORMATION

Day One Biopharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)

(unaudited)

 

 

March 31,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

49,268

 

 

$

85,262

 

Short-term investments

 

 

268,911

 

 

 

257,007

 

Prepaid expenses and other current assets

 

 

4,209

 

 

 

5,605

 

Total current assets

 

 

322,388

 

 

 

347,874

 

Property and equipment, net

 

 

72

 

 

 

20

 

Operating lease right-of-use asset

 

 

616

 

 

 

699

 

Deposits and other long-term assets

 

 

487

 

 

 

469

 

Total assets

 

$

323,563

 

 

$

349,062

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,657

 

 

$

260

 

Accrued expenses and other current liabilities

 

 

17,774

 

 

 

15,950

 

Current portion of operating lease liabilities

 

 

417

 

 

 

405

 

Total current liabilities

 

 

22,848

 

 

 

16,615

 

Long-term portion of lease liabilities

 

 

300

 

 

 

408

 

Total liabilities

 

 

23,148

 

 

 

17,023

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 73,572,633 and 73,458,176 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

 

 

7

 

 

 

7

 

Additional paid-in-capital

 

 

612,402

 

 

 

601,771

 

Accumulated other comprehensive income (loss)

 

 

67

 

 

 

(71

)

Accumulated deficit

 

 

(312,061

)

 

 

(269,668

)

Total stockholders’ equity

 

 

300,415

 

 

 

332,039

 

Total liabilities and stockholders' equity

 

$

323,563

 

 

$

349,062

 

 

See accompanying notes to the condensed consolidated financial statements.

4


 

Day One Biopharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

$

27,828

 

 

$

15,003

 

General and administrative

 

 

18,027

 

 

 

12,745

 

Total operating expenses

 

 

45,855

 

 

 

27,748

 

Loss from operations

 

 

(45,855

)

 

 

(27,748

)

Investment income, net

 

 

3,466

 

 

 

2

 

Other expense, net

 

 

(4

)

 

 

(1

)

Net loss attributable to common stockholders

 

 

(42,393

)

 

 

(27,747

)

Net loss per share, basic and diluted

 

$

(0.59

)

 

$

(0.48

)

Weighted-average number of common shares used in computing net loss per share, basic and diluted

 

 

71,972,888

 

 

 

58,382,444

 

 

See accompanying notes to the condensed consolidated financial statements.

 

5


 

Day One Biopharmaceuticals, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Net loss

 

$

(42,393

)

 

$

(27,747

)

Other comprehensive loss:

 

 

 

 

 

 

Unrealized gain on available-for-sale securities

 

 

138

 

 

 

 

Total comprehensive loss

 

$

(42,255

)

 

$

(27,747

)

 

See accompanying notes to the condensed consolidated financial statements.

 

6


 

Day One Biopharmaceuticals, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share amounts)

(unaudited)

 

 

 

Common Shares

 

 

Additional

 

 

Accumulated Other

 

 

Accumulated

 

 

Total Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Comprehensive Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2022

 

 

73,458,176

 

 

$

7

 

 

$

601,771

 

 

$

(71

)

 

$

(269,668

)

 

$

332,039

 

Issuance of common stock upon exercise of stock options

 

 

75,184

 

 

 

 

 

 

1,184

 

 

 

 

 

 

 

 

 

1,184

 

Issuance of common stock upon release of restricted stock units

 

 

60,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unvested common stock forfeiture

 

 

(21,400

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expenses

 

 

 

 

 

 

 

 

9,447

 

 

 

 

 

 

 

 

 

9,447

 

Unrealized gain on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

138

 

 

 

 

 

 

138

 

Net loss attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,393

)

 

 

(42,393

)

Balance at March 31, 2023

 

 

73,572,633

 

 

 

7

 

 

 

612,402

 

 

 

67

 

 

 

(312,061

)

 

 

300,415

 

 

 

 

Common Shares

 

 

Additional

 

 

Accumulated

 

 

Total Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Paid-In Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

61,952,292

 

 

$

6

 

 

$

408,629

 

 

$

(127,487

)

 

$

281,148

 

Share-based compensation expenses

 

 

 

 

 

 

 

 

6,202

 

 

 

 

 

 

6,202

 

Unvested common stock forfeiture

 

 

(40,363

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

(27,747

)

 

 

(27,747

)

Balance at March 31, 2022

 

 

61,911,929

 

 

$

6

 

 

$

414,831

 

 

$

(155,234

)

 

$

259,603

 

 

See accompanying notes to the condensed consolidated financial statements.

7


 

Day One Biopharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(42,393

)

 

$

(27,747

)

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

 

 

 

 

 

 

Share-based compensation expense

 

 

9,447

 

 

 

6,202

 

Depreciation expense

 

 

6

 

 

 

6

 

Accretion of discounts on short-term investments

 

 

(599

)

 

 

 

Amortization of operating right-of-use assets

 

 

83

 

 

 

47

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

1,396

 

 

 

422

 

Deposits and other long-term assets

 

 

(18

)

 

 

4

 

Accounts payable

 

 

4,379

 

 

 

(1,043

)

Accrued expenses and other current liabilities

 

 

1,810

 

 

 

595

 

Operating lease liabilities

 

 

(96

)

 

 

(49

)

Net cash used in operating activities

 

 

(25,985

)

 

 

(21,563

)

Cash flows from investing activities:

 

 

 

 

 

 

Cash paid for purchase of short-term investments

 

 

(160,014

)

 

 

 

Proceeds from maturity of short-term investments

 

 

148,847

 

 

 

 

Cash paid for purchase of property and equipment

 

 

(26

)

 

 

(15

)

Net cash used in investing activities

 

 

(11,193

)

 

 

(15

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of common stock upon stock option exercises

 

 

1,184

 

 

 

 

Cash provided by financing activities

 

 

1,184

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(35,994

)

 

 

(21,578

)

Cash and cash equivalents, beginning of period

 

 

85,262

 

 

 

284,309

 

Cash and cash equivalents, end of period

 

$

49,268

 

 

$

262,731

 

Supplemental disclosures of noncash activities:

 

 

 

 

 

 

Purchases of property and equipment included in accounts payable and in accrued expenses and other current liabilities

 

$

32

 

 

$

 

 

See accompanying notes to the condensed consolidated financial statements.

8


 

Day One Biopharmaceuticals, Inc.

Notes to the Condensed Consolidated Financial Statements

1.
Description of Business and Organization

Organization and Business

Day One Biopharmaceuticals, Inc., or the Company, is a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for people of all ages with life-threatening diseases. The Company was formed as a limited liability company under the laws of the State of Delaware in November 2018, under the name Hero Therapeutics Holding Company, LLC. Subsequently, the Company changed its name to Day One Therapeutics Holding Company, LLC in December 2018 and to Day One Biopharmaceuticals Holding Company, LLC, or Day One Holding LLC, in March 2020.

On May 26, 2021, the Company completed a conversion by filing a certificate of conversion with the Secretary of State of the State of Delaware and changed its name to Day One Biopharmaceuticals, Inc.

2.
Summary of Significant Accounting Policies

There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the years ended December 31, 2022 and 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These accounting principles were applied on a basis consistent with those of the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company's financial statements for interim periods presented in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 was derived from audited annual financial statements but does not include all disclosures required by U.S. GAAP. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022 included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any other future periods.

The Company's significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Updates, or ASU, of the Financial Accounting Standards Board, or FASB.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of deferred tax assets and income tax uncertainties, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. Actual results may differ from those estimates or assumptions.

 


Notes to the Condensed Consolidated Financial Statements

Segments
 

The Company has determined that its chief executive officer is the chief operating decision maker, or CODM. The Company operates and manages the business as one reporting and one operating segment, which is the business of identifying and advancing targeted therapies for people of all ages with genomically defined cancers. The Company’s CODM reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company’s assets are located in the United States.
 

Concentration of credit risk and other risks and uncertainties

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Amounts on deposit may at times exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and short-term investments that are recorded on its balance sheet. Per policy, the Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses on its cash, cash equivalents and short-term investments.
 

The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of its operations: ability to obtain future financing; regulatory requirements for approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; development of sales channels; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; changes to the market landscape; and the Company’s ability to attract and retain employees necessary to support its growth.
 

The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

The JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company.

3.
Recurring Fair Value Measurements

The following table sets forth the Company’s financial instruments as of March 31, 2023 and December 31, 2022, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

March 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,059

 

 

$

 

 

$

 

 

$

33,059

 

U.S. treasury securities

 

 

 

 

 

37,817

 

 

 

 

 

 

37,817

 

U.S. government agency securities

 

 

 

 

 

234,087

 

 

 

 

 

 

234,087

 

Total assets measured at fair value

 

$

33,059

 

 

$

271,904

 

 

$

 

 

$

304,963

 

 

10


Notes to the Condensed Consolidated Financial Statements

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

18,765

 

 

$

 

 

$

 

 

$

18,765

 

U.S. treasury securities

 

 

 

 

 

145,785

 

 

 

 

 

 

145,785

 

U.S. government agency securities

 

 

 

 

 

136,022

 

 

 

 

 

 

136,022

 

Total assets measured at fair value

 

$

18,765

 

 

$

281,807

 

 

$

 

 

$

300,572

 

 

The Company's money market funds are classified as Level 1 because they are measured using observable inputs from active markets for identical assets.

The Company's U.S. treasury securities and U.S. government agency securities are classified as Level 2 because they are measured with inputs that are either directly or indirectly observable for the asset which include quoted prices for similar assets in active markets and quoted prices for identical or similar assets in markets that are not active.

There were no assets or liabilities classified as Level 3 as of March 31, 2023 and December 31, 2022.

There were no transfers between Level 1, Level 2 or Level 3 categories during the periods presented.

The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands):

 

 

March 31, 2023

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,059

 

 

$

 

 

$

 

 

$

33,059

 

U.S. government agency securities

 

 

2,993

 

 

 

 

 

 

 

 

 

2,993

 

Total cash equivalents

 

 

36,052

 

 

 

 

 

 

 

 

 

36,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

37,806

 

 

 

11

 

 

 

 

 

 

37,817

 

U.S. government agency securities

 

 

231,038

 

 

 

59

 

 

 

(3

)

 

 

231,094

 

Total short-term investments

 

$

268,844

 

 

$

70

 

 

$

(3

)

 

$

268,911

 

 

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

18,765

 

 

$

 

 

$

 

 

$

18,765

 

U.S. government agency securities

 

 

24,800

 

 

 

 

 

 

 

 

 

24,800

 

Total cash equivalents

 

 

43,565

 

 

 

 

 

 

 

 

 

43,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

145,880

 

 

 

1

 

 

 

(96

)

 

 

145,785

 

U.S. government agency securities

 

 

111,197

 

 

 

37

 

 

 

(12

)

 

 

111,222

 

Total short-term investments

 

$

257,077

 

 

$

38

 

 

$

(108

)

 

$

257,007

 

 

The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands):

 

 

 

March 31, 2023

 

 

 

Amortized Cost

 

 

Fair Value

 

Mature in one year or less

 

$

304,896

 

 

$

304,963

 

Total

 

$

304,896

 

 

$

304,963

 

 

 

 

December 31, 2022

 

 

 

Amortized Cost

 

 

Fair Value

 

Mature in one year or less

 

$

300,642

 

 

$

300,572

 

Total

 

$

300,642

 

 

$

300,572

 

 

11


Notes to the Condensed Consolidated Financial Statements

 

The following table presents the breakdown of the Company's available-for-sale securities with gross unrealized losses and the duration that those losses had been unrealized (in thousands):