10-Q 1 ntla-20220930.htm 10-Q 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 September 30, 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: 001-37766

 

INTELLIA THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

36-4785571

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

 

 

40 Erie Street, Suite 130, Cambridge, Massachusetts

02139

(Address of Principal Executive Offices)

(Zip Code)

857-285-6200

(Registrant’s Telephone Number, Including Area Code)

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of each Class

Trade Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

NTLA

The Nasdaq Global 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, smaller reporting company, or an emerging growth company. See 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 Act). Yes No ☒

The number of shares outstanding of the registrant’s common stock as of October 31, 2022: 78,684,039 shares.

 

 


 

 

PART I - FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements (unaudited)

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

3

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended September 30, 2022 and 2021

4

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

5

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

24

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

39

 

 

Item 4. Controls and Procedures.

39

 

 

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

40

 

 

Item 1A. Risk Factors

40

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

88

 

Item 6. Exhibits

89

 

 

Signatures

90

 

 

2


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

INTELLIA THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets (unaudited)

(Amounts in thousands except share and per share data)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

ASSETS

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

141,194

 

 

$

123,406

 

Marketable securities

 

 

687,000

 

 

 

625,282

 

Accounts receivable ($0 million and $0.1 million, respectively, from related party)

 

 

4,023

 

 

 

2,031

 

Prepaid expenses and other current assets

 

 

26,730

 

 

 

18,584

 

Total current assets

 

 

858,947

 

 

 

769,303

 

Marketable securities - noncurrent

 

 

20,533

 

 

 

337,361

 

Property and equipment, net

 

 

26,597

 

 

 

20,968

 

Operating lease right-of-use assets

 

 

101,290

 

 

 

79,143

 

Equity method investment

 

 

40,102

 

 

 

58,131

 

Investments and other assets

 

 

36,989

 

 

 

29,558

 

Total Assets

 

$

1,084,458

 

 

$

1,294,464

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

4,384

 

 

$

9,653

 

Accrued expenses ($1.0 million and $0 million, respectively, from related party)

 

 

58,379

 

 

 

43,309

 

Current portion of operating lease liability

 

 

13,551

 

 

 

9,112

 

Current portion of deferred revenue ($28.5 million and $34.2 million, respectively, from related party)

 

 

54,818

 

 

 

63,759

 

Total current liabilities

 

 

131,132

 

 

 

125,833

 

Deferred revenue, net of current portion ($0 million and $19.9 million, respectively, from related party)

 

 

25,678

 

 

 

63,476

 

Long-term operating lease liability

 

 

84,097

 

 

 

64,911

 

Contingent consideration liability

 

 

18,600

 

 

 

-

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Common stock, $0.0001 par value; 120,000,000 shares authorized;
  
76,587,947 and 74,485,883 shares issued and outstanding at
  September 30, 2022 and December 31, 2021, respectively

 

 

8

 

 

 

7

 

Additional paid-in capital

 

 

1,898,091

 

 

 

1,745,870

 

Accumulated other comprehensive loss

 

 

(9,368

)

 

 

(2,632

)

Accumulated deficit

 

 

(1,063,780

)

 

 

(703,001

)

Total stockholders’ equity

 

 

824,951

 

 

 

1,040,244

 

Total Liabilities and Stockholders’ Equity

 

$

1,084,458

 

 

$

1,294,464

 

 

See notes to condensed consolidated financial statements.

 

3


 

INTELLIA THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(Amounts in thousands except per share data)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Collaboration revenue (1)

 

$

13,266

 

 

$

7,204

 

 

$

38,548

 

 

$

20,199

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

96,651

 

 

 

60,486

 

 

 

319,945

 

 

 

158,646

 

General and administrative

 

 

22,145

 

 

 

18,711

 

 

 

66,680

 

 

 

48,988

 

Total operating expenses

 

 

118,796

 

 

 

79,197

 

 

 

386,625

 

 

 

207,634

 

Operating loss

 

 

(105,530

)

 

 

(71,993

)

 

 

(348,077

)

 

 

(187,435

)

Other (expense) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,945

 

 

 

349

 

 

 

3,188

 

 

 

780

 

Loss from equity method investment

 

 

(1,834

)

 

 

-

 

 

 

(7,831

)

 

 

-

 

Change in fair value of contingent consideration

 

 

(7,810

)

 

 

-

 

 

 

(8,059

)

 

 

-

 

Total other (expense) income, net

 

 

(7,699

)

 

 

349

 

 

 

(12,702

)

 

 

780

 

Net loss

 

$

(113,229

)

 

$

(71,644

)

 

$

(360,779

)

 

$

(186,655

)

Net loss per share, basic and diluted

 

$

(1.49

)

 

$

(0.97

)

 

$

(4.78

)

 

$

(2.68

)

Weighted average shares outstanding, basic and
   diluted

 

 

76,047

 

 

 

73,706

 

 

 

75,543

 

 

 

69,720

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities

 

 

991

 

 

 

(161

)

 

 

(5,069

)

 

 

(175

)

Other comprehensive loss from equity method investment

 

 

(805

)

 

 

-

 

 

 

(1,667

)

 

 

-

 

Comprehensive loss

 

$

(113,043

)

 

$

(71,805

)

 

$

(367,515

)

 

$

(186,830

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Including the following revenue from related party (see Notes 7 and 8):

 

$

4,414

 

 

$

277

 

 

$

15,612

 

 

$

277

 

 

See notes to condensed consolidated financial statements.

 

4


 

INTELLIA THERAPEUTICS, INC.

Condensed Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(360,779

)

 

$

(186,655

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

5,541

 

 

 

5,011

 

Gain on disposal of property and equipment

 

 

(162

)

 

 

-

 

Equity-based compensation

 

 

66,774

 

 

 

32,448

 

Amortization of investment premiums

 

 

5,252

 

 

 

4,970

 

Loss from equity method investment

 

 

7,831

 

 

 

-

 

Deferral of equity method investment intra-entity profit on sales

 

 

8,530

 

 

 

-

 

Change in fair value of contingent consideration

 

 

8,059

 

 

 

-

 

In-process research and development charge

 

 

55,990

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(1,992

)

 

 

(361

)

Prepaid expenses and other current assets

 

 

(228

)

 

 

(5,073

)

Operating lease right-of-use assets

 

 

8,516

 

 

 

6,761

 

Other assets

 

 

(982

)

 

 

(248

)

Accounts payable

 

 

(5,334

)

 

 

(1,870

)

Accrued expenses

 

 

12,852

 

 

 

(1,170

)

Deferred revenue

 

 

(46,739

)

 

 

(16,986

)

Operating lease liabilities

 

 

(6,547

)

 

 

(7,206

)

Net cash used in operating activities

 

 

(243,418

)

 

 

(170,379

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(9,646

)

 

 

(9,888

)

Purchases of marketable securities

 

 

(192,598

)

 

 

(772,759

)

Maturities of marketable securities

 

 

437,387

 

 

 

390,984

 

Proceeds from sale of property and equipment

 

 

150

 

 

 

-

 

Acquired in-process research and development, net of cash acquired of $287

 

 

(44,832

)

 

 

-

 

Net cash provided by (used in) investing activities

 

 

190,461

 

 

 

(391,663

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from issuance of common stock through follow-on offerings,
   net of issuance costs

 

 

-

 

 

 

648,315

 

Proceeds from issuance of common stock through at-the-market offerings,
   net of issuance costs

 

 

62,140

 

 

 

45,255

 

Proceeds from options exercised

 

 

13,984

 

 

 

39,868

 

Issuance of shares through employee stock purchase plan

 

 

1,068

 

 

 

970

 

Net cash provided by financing activities

 

 

77,192

 

 

 

734,408

 

Net increase in cash and cash equivalents and restricted cash equivalents

 

 

24,235

 

 

 

172,366

 

Cash and cash equivalents and restricted cash equivalents, beginning of period

 

 

125,486

 

 

 

164,606

 

Cash and cash equivalents and restricted cash equivalents, end of period

 

$

149,721

 

 

$

336,972

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash
   equivalents to condensed consolidated balance sheet:

 

 

 

 

 

 

Cash and cash equivalents

 

$

141,194

 

 

$

334,736

 

Restricted cash equivalents, included in investments and other assets

 

 

8,527

 

 

 

2,236

 

Total cash and cash equivalents and restricted cash equivalents

 

$

149,721

 

 

$

336,972

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Purchases of property and equipment unpaid at period end

 

$

2,180

 

 

$

633

 

Right-of-use asset acquired under operating lease

 

 

30,663

 

 

 

49,435

 

Contingent consideration liability assumed in asset acquisition

 

 

10,541

 

 

 

-

 

Proceeds from at-the-market offerings unpaid at period end

 

 

8,255

 

 

 

-

 

Non-cash trade-in of property and equipment

 

 

200

 

 

 

-

 

Non-cash contribution of intellectual property to AvenCell Therapeutics, Inc.

 

 

-

 

 

 

62,900

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

INTELLIA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

1. Overview and Basis of Presentation

Intellia Therapeutics, Inc. (“Intellia” or the “Company”) is a leading clinical-stage genome editing company, focused on developing novel, potentially curative therapeutics leveraging CRISPR/Cas9-based technologies. CRISPR/Cas9, an acronym for Clustered, Regularly Interspaced Short Palindromic Repeats (“CRISPR”)/CRISPR associated 9 (“Cas9”), is a technology for genome editing, the process of altering selected sequences of genomic deoxyribonucleic acid (“DNA”). To fully realize the transformative potential of CRISPR/Cas9-based technologies, Intellia is building a full-spectrum genome editing company, by leveraging its modular platform, to advance in vivo and ex vivo therapies for diseases with high unmet need by pursuing two primary approaches. The Company's in vivo programs use intravenously administered CRISPR as the therapy, in which proprietary delivery technology enables highly precise editing of disease-causing genes directly within specific target tissues. The Company's ex vivo programs use CRISPR to create the therapy by using engineered human cells to treat cancer and autoimmune diseases. The Company's deep scientific, technical and clinical development experience, along with its robust intellectual property (“IP”) portfolio, have enabled it to take a leadership role in harnessing the full potential of genome editing to create new classes of genetic medicine.

The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2021.

On February 2, 2022, the Company entered into an Agreement and Plan of Merger (the “Rewrite Merger Agreement”) with RW Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), Rewrite Therapeutics, Inc., a Delaware corporation (“Rewrite”) and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Rewrite Holders (as defined below). On the effective date of the Rewrite Merger Agreement, Merger Sub merged with and into Rewrite, with Rewrite surviving as a wholly owned subsidiary of the Company. In September 2022, Rewrite merged with and into Intellia, with Intellia as the surviving corporation. Pursuant to the Rewrite Merger Agreement, and subject to the terms and conditions thereof, the Company paid Rewrite’s former stockholders and optionholders (the “Rewrite Holders”) upfront consideration in an aggregate amount of approximately $45.0 million payable in cash, excluding customary purchase price adjustments. In addition, the Rewrite Holders will be eligible to receive up to an additional $155.0 million in milestone payments upon the achievement of certain pre-specified research and regulatory approval milestones, payable through a mixture of $130.0 million in cash and $25.0 million in a combination of cash and shares of common stock, par value $0.0001 per share (“Common Stock”) of the Company. The shares of Common Stock will be valued using the volume-weighted average price of Common Stock of the Company over the ten consecutive trading day period ending on and including the trading day that is two trading days immediately prior to the issuance of the consideration issued in connection with the applicable milestone.

The unaudited condensed consolidated financial statements include the accounts of Intellia Therapeutics, Inc. and its wholly- owned subsidiary, Intellia Securities Corp. All intercompany balances and transactions have been eliminated in consolidation. Comprehensive loss is comprised of net loss, unrealized gain/loss on marketable securities and other comprehensive loss from equity method investment.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses, valuation of equity and fair value method investments, contingent consideration and equity-based compensation expense. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances at the time such estimates are made. Actual results could differ from those estimates. The Company periodically reviews its estimates in light of changes in circumstances, facts and experience. The extent of the impact of the coronavirus disease 19 (“COVID-19”) pandemic on the Company’s operational and financial

 

6


 

performance will depend on certain developments, including the length and severity of this pandemic, as well as its effect on the Company’s employees, collaborators and vendors, all of which are uncertain and cannot be predicted. The Company cannot reasonably estimate the extent to which the disruption may materially impact its consolidated results of operations or financial position.

The effects of material revisions in estimates are reflected in the condensed consolidated financial statements prospectively from the date of the change in estimate.

In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Liquidity

Since its inception through September 30, 2022, the Company has raised an aggregate of approximately $1,887.2 million to fund its operations through its initial public offering (“IPO”) and concurrent private placements, follow-on public offerings, at-the-market offerings and the sale of convertible preferred stock, as well as through its collaboration agreements. An additional $8.3 million related to at-the-market offerings was recorded as an other current asset on the Company's condensed consolidated balance sheet as of September 30, 2022, representing offerings with trade dates in September 2022 that were settled in October 2022. The Company expects that its cash, cash equivalents and marketable securities as of September 30, 2022 will enable the Company to fund its ongoing operating expenses and capital expenditure requirements for at least the twelve-month period following the issuance of these condensed consolidated financial statements.

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements included in the Annual Report for the year ended December 31, 2021. There have been no material changes during the nine months ended September 30, 2022 except for the following.

Asset acquisitions

At the time of acquisition, the Company determines if a transaction should be accounted for as a business combination or acquisition of assets. The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development with no alternative future use is charged to research and development expense at the acquisition date.

Contingent consideration

The Company accounts for contingent consideration identified in an asset acquisition, that is payable in cash and does not meet the definition of a derivative under Accounting Standard Codification (“ASC”) 815, Derivatives and Hedging, when the contingency is resolved and the consideration is paid or becomes payable.

The Company accounts for contingent consideration identified in an asset acquisition that is settled in shares of common stock under ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The contingent consideration liability will be recorded at fair value at the end of each reporting period with changes in estimated fair values recorded in other (expense) income in the condensed consolidated statements of operations and comprehensive loss.

The estimated fair value of the contingent consideration liability related to the Rewrite acquisition (see Notes 4 and 9) is determined based on a probability adjusted discounted cash flow model that includes significant estimates and assumptions pertaining to research and development. Significant changes in any of the probabilities of success or in the probabilities as to the periods in which the milestone would be achieved would result in a significantly higher or lower fair value measurement. The Company will continue to adjust the liability for changes in fair value until the obligation is settled or the research is abandoned.

 

7


 

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of September 30, 2022 and December 31, 2021 at net book value:

 

 

September 30, 2022

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

$

295,367

 

 

$

-

 

 

$

(3,840

)

 

$

291,527

 

Financial institution debt securities

 

 

327,417

 

 

 

-

 

 

 

(2,154

)

 

 

325,263

 

Corporate debt securities

 

 

67,018

 

 

 

-

 

 

 

(772

)

 

 

66,246

 

Other asset-backed securities

 

 

24,925

 

 

 

-

 

 

 

(428

)

 

 

24,497

 

Total

 

$

714,727

 

 

$

-

 

 

$

(7,194

)

 

$

707,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

$

301,493

 

 

$

-

 

 

$

(1,016

)

 

$

300,477

 

Financial institution debt securities

 

 

441,068

 

 

 

-

 

 

 

(652

)

 

 

440,416

 

Corporate debt securities

 

 

62,500

 

 

 

-

 

 

 

(151

)

 

 

62,349

 

Other asset-backed securities

 

 

159,707

 

 

 

-

 

 

 

(306

)

 

 

159,401

 

Total

 

$

964,768

 

 

$

-

 

 

$

(2,125

)

 

$

962,643

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At September 30, 2022 and December 31, 2021, the balance in the Company’s accumulated other comprehensive loss was composed of activity related to the Company’s available-for-sale marketable securities and equity method investment. There were no realized gains or losses in the nine months ended September 30, 2022 or for the year ended December 31, 2021. The Company did not reclassify any amounts out of accumulated other comprehensive loss during this period. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company's available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At September 30, 2022 and December 31, 2021, the Company did not hold any investments that matured beyond five years of the balance sheet date.

 

8


 

4. Fair Value Measurements

The Company classifies fair value-based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices (unadjusted) in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of September 30, 2022 and December 31, 2021, the Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:

 

 

Fair Value as of September 30, 2022

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and restricted cash equivalents

 

$

139,471

 

 

$

139,471

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

 

291,527

 

 

 

276,621

 

 

 

14,906

 

 

 

-

 

Financial institution debt securities

 

 

325,263

 

 

 

-

 

 

 

325,263

 

 

 

-

 

Corporate debt securities

 

 

66,246

 

 

 

-

 

 

 

66,246

 

 

 

-

 

Other asset-backed securities

 

 

24,497

 

 

 

-

 

 

 

24,497

 

 

 

-

 

Total marketable securities

 

 

707,533

 

 

 

276,621

 

 

 

430,912

 

 

 

-

 

Total Assets

 

$

847,004

 

 

$

416,092

 

 

$

430,912

 

 

$

-