Quarterly report pursuant to Section 13 or 15(d)

Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities

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Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities
3 Months Ended
Mar. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities

Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities

 

The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable debt securities. Cash and cash equivalents consist of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash at both March 31, 2024 and December 31, 2023 of $250 represents funds the Company is required to set aside as collateral, primarily for one of the Company’s operating leases.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022:

 

    March 31,
2024
    December 31,
2023
    March 31,
2023
    December 31,
2022
 
Cash and cash equivalents   $ 1,071     $ 4,787     $ 5,739     $ 6,830  
Restricted cash included in current/non-current assets     250       250       250       250  
Cash, cash equivalents and restricted cash in the statement of cash flows   $ 1,321     $ 5,037     $ 5,989     $ 7,080  

  

Marketable Debt Securities

 

The Company has classified its investments in marketable debt securities as available-for-sale and as a current asset. The Company’s investments in marketable debt securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized losses and gains are classified as other comprehensive (loss)/income and costs are determined on a specific identification basis. Realized gains and losses from our marketable debt securities are recorded in other income, net. The Company did not incur any realized gains and losses during the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 and 2023, the Company recorded unrealized gains of $87 and $229, respectively. As of March 31, 2024 and December 31, 2023, the Company had net accumulated unrealized losses of $134 and $221, respectively.

 

The following tables summarize the Company’s marketable debt securities as of March 31, 2024:

 

    Amortized Cost     Unrealized Gain     Unrealized (Loss)     Fair Value  
    Amortized     Unrealized     Unrealized        
    Cost     Gain     (Loss)     Fair Value  
U.S. Government Notes   $ 7,173     $     $ (134 )   $ 7,039  
Total marketable debt securities   $ 7,173     $     $ (134 )   $ 7,039  

 

All debt securities classified as available-for-sale are due to mature within one year of March 31, 2024.

 

 

The following tables summarize the Company’s marketable debt securities as of December 31, 2023:

 

    Amortized     Unrealized     Unrealized        
    Cost     Gain     (Loss)     Fair Value  
U.S. Treasury Bonds   $ 999     $     $ (3 )   $ 996  
U.S. Government Notes     8,191             (218 )     7,973  
Total marketable debt securities   $ 9,190     $     $ (221 )   $ 8,969  

 

All debt securities classified as available-for-sale are due to mature within one year of December 31, 2023.