10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

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

Commission File Number: 000-50768

 

ACADIA PHARMACEUTICALS INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

06-1376651

(State of Incorporation)

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

 

12830 El Camino Real, Suite 400

San Diego, California

92130

(Address of Principal Executive Offices)

(Zip Code)

 

(858) 558-2871

(Registrant’s Telephone Number, Including Area Code)

 

 

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

ACAD

The Nasdaq Stock Market LLC

 

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, 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 ☒

Total shares of common stock outstanding as of the close of business on April 28, 2022:

 

Class

 

Number of Shares Outstanding

Common Stock, $0.0001 par value

 

161,429,360

 

 


 

ACADIA PHARMACEUTICALS INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

PAGE NO.

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

1

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

5

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

6

 

 

 

 

 

Item 2.

 

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

 

16

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

22

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

22

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

24

 

 

 

 

 

Item 1A.

 

Risk Factors

 

24

 

 

 

 

 

Item 6.

 

Exhibits

 

60

 

 

 

SIGNATURES

 

61

 

i


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ACADIA PHAR9MACEUTICALS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

March 31,
2022

 

 

December 31,
2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

204,920

 

 

$

147,435

 

Investment securities, available-for-sale

 

 

241,057

 

 

 

373,271

 

Accounts receivable, net

 

 

62,713

 

 

 

64,366

 

Interest and other receivables

 

 

769

 

 

 

978

 

Inventory

 

 

7,009

 

 

 

7,881

 

Prepaid expenses

 

 

25,755

 

 

 

23,892

 

Total current assets

 

 

542,223

 

 

 

617,823

 

Property and equipment, net

 

 

7,531

 

 

 

8,047

 

Operating lease right-of-use assets

 

 

58,186

 

 

 

58,268

 

Restricted cash

 

 

5,770

 

 

 

5,770

 

Long-term inventory

 

 

6,205

 

 

 

6,217

 

Other assets

 

 

4,336

 

 

 

3,997

 

Total assets

 

$

624,251

 

 

$

700,122

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Accounts payable

 

$

10,768

 

 

$

6,876

 

Accrued liabilities

 

 

108,835

 

 

 

89,192

 

Total current liabilities

 

 

119,603

 

 

 

96,068

 

Operating lease liabilities

 

 

55,478

 

 

 

56,126

 

Other long-term liabilities

 

 

4,373

 

 

 

7,034

 

Total liabilities

 

 

179,454

 

 

 

159,228

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 5,000,000 shares authorized at March 31, 2022
   and December 31, 2021;
no shares issued and outstanding at March 31, 2022 and
   December 31, 2021

 

 

 

 

 

 

Common stock, $0.0001 par value; 225,000,000 shares authorized at March 31, 2022
   and December 31, 2021;
161,381,813 shares and 161,012,695 shares issued and
   outstanding at March 31, 2022 and December 31, 2021, respectively

 

 

16

 

 

 

16

 

Additional paid-in capital

 

 

2,712,025

 

 

 

2,694,646

 

Accumulated deficit

 

 

(2,266,632

)

 

 

(2,153,576

)

Accumulated other comprehensive loss

 

 

(612

)

 

 

(192

)

Total stockholders’ equity

 

 

444,797

 

 

 

540,894

 

Total liabilities and stockholders’ equity

 

$

624,251

 

 

$

700,122

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

1


 

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

Product sales, net

 

$

115,468

 

 

$

106,554

 

Total revenues

 

 

115,468

 

 

 

106,554

 

Operating expenses

 

 

 

 

 

 

Cost of product sales

 

 

2,950

 

 

 

2,185

 

License fees and royalties

 

 

 

 

 

2,507

 

Research and development

 

 

128,855

 

 

 

56,973

 

Selling, general and administrative

 

 

96,679

 

 

 

111,661

 

Total operating expenses

 

 

228,484

 

 

 

173,326

 

Loss from operations

 

 

(113,016

)

 

 

(66,772

)

Interest income, net

 

 

105

 

 

 

200

 

Other income

 

 

340

 

 

 

145

 

Loss before income taxes

 

 

(112,571

)

 

 

(66,427

)

Income tax expense

 

 

485

 

 

 

21

 

Net loss

 

$

(113,056

)

 

$

(66,448

)

Net loss per common share, basic and diluted

 

$

(0.70

)

 

$

(0.42

)

Weighted average common shares outstanding, basic and diluted

 

 

161,231

 

 

 

160,011

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


 

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net loss

 

$

(113,056

)

 

$

(66,448

)

Other comprehensive income:

 

 

 

 

 

 

Unrealized loss on investment securities

 

 

(422

)

 

 

(6

)

Foreign currency translation adjustments

 

 

2

 

 

 

4

 

Comprehensive loss

 

$

(113,476

)

 

$

(66,450

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(113,056

)

 

$

(66,448

)

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

 

 

 

 

 

 

Stock-based compensation

 

 

14,963

 

 

 

13,184

 

Amortization of premiums and accretion of discounts on investment securities

 

 

447

 

 

 

689

 

Amortization of intangible assets

 

 

 

 

 

370

 

Gain on strategic investment

 

 

(339

)

 

 

(145

)

Depreciation

 

 

516

 

 

 

525

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

1,653

 

 

 

(8,585

)

Interest and other receivables

 

 

209

 

 

 

1,477

 

Inventory

 

 

833

 

 

 

(492

)

Prepaid expenses

 

 

(1,863

)

 

 

(2,821

)

Operating lease right-of-use assets

 

 

1,522

 

 

 

1,589

 

Other assets

 

 

 

 

 

10

 

Accounts payable

 

 

3,892

 

 

 

356

 

Accrued liabilities

 

 

19,672

 

 

 

2,761

 

Operating lease liabilities

 

 

(2,117

)

 

 

(1,052

)

Long-term liabilities

 

 

(2,661

)

 

 

(1,567

)

Net cash used in operating activities

 

 

(76,329

)

 

 

(60,149

)

Cash flows from investing activities

 

 

 

 

 

 

Purchases of investment securities

 

 

 

 

 

(127,864

)

Maturities of investment securities

 

 

131,345

 

 

 

159,817

 

Purchases of property and equipment

 

 

 

 

 

(1,076

)

Net cash provided by investing activities

 

 

131,345

 

 

 

30,877

 

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of common stock, net of issuance costs

 

 

2,467

 

 

 

7,726

 

Net cash provided by financing activities

 

 

2,467

 

 

 

7,726

 

Effect of exchange rate changes on cash

 

 

2

 

 

 

5

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

57,485

 

 

 

(21,541

)

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

 

153,205

 

 

 

331,798

 

End of period

 

$

210,690

 

 

$

310,257

 

Supplemental disclosure of noncash information:

 

 

 

 

 

 

Property and equipment purchases in accounts payable and accrued liabilities

 

 

 

 

 

45

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

ACADIA PHARMACEUTICALS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)

 

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Total stockholders’ equity, beginning balances

 

$

540,894

 

 

$

627,009

 

Common stock:

 

 

 

 

 

 

Beginning balance

 

 

16

 

 

 

16

 

Ending balance

 

 

16

 

 

 

16

 

Additional paid-in capital:

 

 

 

 

 

 

Beginning balance

 

 

2,694,646

 

 

 

2,612,663

 

Issuance of common stock from exercise of stock options
   and units

 

 

2,467

 

 

 

7,726

 

Stock-based compensation

 

 

14,912

 

 

 

13,321

 

Ending balance

 

 

2,712,025

 

 

 

2,633,710

 

Accumulated deficit:

 

 

 

 

 

 

Beginning balance

 

 

(2,153,576

)

 

 

(1,985,706

)

Net loss

 

 

(113,056

)

 

 

(66,448

)

Ending balance

 

 

(2,266,632

)

 

 

(2,052,154

)

Other comprehensive income (loss):

 

 

 

 

 

 

Beginning balance

 

 

(192

)

 

 

36

 

Other comprehensive loss

 

 

(420

)

 

 

(2

)

Ending balance

 

 

(612

)

 

 

34

 

 

 

 

 

 

 

 

Total stockholders’ equity, ending balances

 

$

444,797

 

 

$

581,606

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5


 

ACADIA PHARMACEUTICALS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Organization and Business

Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on the development and commercialization of innovative medicines to address unmet medical needs in central nervous system disorders. The Company was originally incorporated in Vermont in 1993 as Receptor Technologies, Inc. and reincorporated in Delaware in 1997.

In April 2016, the U.S. Food and Drug Administration (FDA) approved the Company’s first drug, NUPLAZID® (pimavanserin), for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis (PDP). NUPLAZID became available for prescription in the United States in May 2016.

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K (Annual Report) filed with the Securities and Exchange Commission (the SEC). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations, cash flows, and stockholders’ equity for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ materially from those estimates.

 

Risk and Uncertainties

The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and has adversely impacted the Company’s business. Since the beginning of the pandemic, the growth of sales of NUPLAZID have been negatively impacted by ongoing conditions related to the pandemic. At this time the Company cannot predict the magnitude of the pandemic or the full impact that it may have on the Company’s financial condition, operations, suppliers, and workforce.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statement of cash flows that sum to the total of the same such amounts shown in the statement of cash flows (in thousands):

 

 

 

March 31, 2022

 

 

March 31, 2021

 

 

 

Beginning of
period

 

 

End of
period

 

 

Beginning of
period

 

 

End of
period

 

Cash and cash equivalents

 

$

147,435

 

 

$

204,920

 

 

$

326,028

 

 

$

304,487

 

Restricted cash

 

 

5,770

 

 

 

5,770

 

 

 

5,770

 

 

 

5,770

 

Total cash, cash equivalents and restricted cash shown in
   the statement of cash flows

 

$

153,205

 

 

$

210,690

 

 

$

331,798

 

 

$

310,257

 

 

6


 

Accounts Receivable

Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. The Company has not historically experienced significant credit losses. Based on its assessment, as of March 31, 2022 the Company determined that an allowance for credit loss was not required.

License Fees and Royalties

The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.

Acquisitions

The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. The Company includes the costs of asset acquisitions as component of cash flows from operations on the consolidated statements of cash flows.

3. Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options, employee stock purchase plan rights, restricted stock units, and warrants are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be anti-dilutive. The Company incurred net losses for all periods presented and there were no reconciling items for potentially dilutive securities. More specifically, at March 31, 2022 and 2021, stock options, employee stock purchase plan rights, restricted stock units, and warrants totaling approximately 17,540,000 shares and 20,297,000 shares, respectively, were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive.

4. Stock-Based Compensation

The following table summarizes the total stock-based compensation expense included in the Company’s statements of operations for the periods presented (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cost of product sales

 

$

323

 

 

$

163

 

Research and development

 

 

5,464

 

 

 

4,830

 

Selling, general and administrative

 

 

9,176

 

 

 

8,191

 

 

 

$

14,963

 

 

$

13,184

 

 

7


 

The fair value of each employee stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model, which requires the Company to make a number of assumptions including the estimated expected life of the award and related volatility. The fair value of restricted stock units is estimated based on the market price of the Company’s common stock on the date of grant. The estimated fair values of stock options, purchase plan rights, and restricted stock units are then expensed over the requisite service period, which is generally the vesting period. For restricted stock units requiring satisfaction of both market and service conditions, the estimated fair values are generally expensed over the longest of the explicit, implicit and derived service periods. Performance-based stock awards vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these performance-based stock awards is generally recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable.

5. Balance Sheet Details

Inventory consisted of the following (in thousands):

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Finished goods

 

$

1,728

 

 

$

1,114

 

Work in process

 

 

5,281

 

 

 

6,767

 

Raw material

 

 

6,205

 

 

 

6,217

 

 

 

$

13,214

 

 

$

14,098

 

Reported as:

 

 

 

 

 

 

    Inventory

 

$

7,009

 

 

$

7,881

 

    Long-term inventory

 

 

6,205

 

 

 

6,217

 

    Total

 

$

13,214

 

 

$

14,098

 

Amount reported as long-term inventory consisted of raw materials as of March 31, 2022 and December 31, 2021. The Company has raw materials beyond one year production plan that help limit the exposures from potential supply interruption. Those raw materials that beyond one year production plan were classified as long-term inventory.

Accrued liabilities consisted of the following (in thousands):

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Accrued sales allowances

 

$

31,497

 

 

$

15,717

 

Accrued research and development services

 

 

29,918

 

 

 

27,270

 

Accrued compensation and benefits

 

 

21,645

 

 

 

25,896

 

Current portion of lease liabilities

 

 

8,944

 

 

 

8,304

 

Accrued consulting and professional fees

 

 

8,641

 

 

 

9,319

 

Current portion of accrued branded prescription drug fees

 

 

7,021

 

 

 

1,959

 

Other

 

 

1,169

 

 

 

727

 

 

 

$

108,835

 

 

$

89,192

 

 

6. Investments

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

 

 

 

March 31, 2022

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair
Value

 

U.S. Treasury notes

 

$

97,873

 

 

$

 

 

$

(211

)

 

$

97,662

 

Government sponsored enterprise securities

 

 

49,507

 

 

 

 

 

 

(141

)

 

 

49,366

 

Municipal bonds

 

 

21,087

 

 

 

 

 

 

(31

)

 

 

21,056

 

Commercial paper

 

 

73,216

 

 

 

 

 

 

(243

)

 

 

72,973

 

 

 

$

241,683

 

 

$

 

 

$

(626

)

 

$

241,057

 

 

8


 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair
Value

 

U.S. Treasury notes

 

$

140,287

 

 

$

 

 

$

(100

)

 

$

140,187

 

Government sponsored enterprise securities

 

 

49,512

 

 

 

 

 

 

(38

)

 

 

49,474

 

Corporate debt securities

 

 

26,006

 

 

 

 

 

 

(22

)

 

 

25,984

 

Commercial paper

 

 

157,670

 

 

 

9

 

 

 

(53

)

 

 

157,626

 

 

 

$

373,475

 

 

$

9

 

 

$

(213

)

 

$

373,271

 

 

The Company has classified all of its available-for-sale investment securities as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The Company has classified all equity securities as other assets on its consolidated balance sheets.

At March 31, 2022 and December 31, 2021, the Company had 32 and 39 available-for-sale investment securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investment securities that were in an unrealized loss position as of March 31, 2022 and December 31, 2021, aggregated by investment category and length of time that the individual securities have been in a continuous loss position (in thousands):

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury notes

 

$

97,873

 

 

$

(211

)

 

$

 

 

$

 

 

$

97,873

 

 

$

(211

)

 

Government sponsored enterprise securities

 

 

49,507

 

 

 

(141

)

 

 

 

 

 

 

 

 

49,507

 

 

 

(141

)

 

Municipal bonds

 

 

21,087

 

 

 

(31

)

 

 

 

 

 

 

 

 

21,087

 

 

 

(31

)

 

Commercial paper

 

 

70,216

 

 

 

(243

)

 

 

 

 

 

 

 

 

70,216

 

 

 

(243

)

 

Total

 

$

238,683

 

 

$

(626

)

 

$

 

 

$

 

 

$

238,683

 

 

$

(626

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value