Rubius Therapeutics, Inc. - 10-K filing on 2022-02-25

Investments and Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2021

Investments and Fair Value of Financial Assets and Liabilities

Investments and Fair Value of Financial Assets and Liabilities

3. Investments and Fair Value of Financial Assets and Liabilities

The Company had no investments as of December 31, 2021. As of December 31, 2020, investments by security type consisted of the following (in thousands):


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Credit Losses		Fair Value
U.S. treasury bills and notes (due within one year)	$	85,118	$	6	$	(2)	$	—	$	85,122
	$	85,118	$	6	$	(2)	$	—	$	85,122

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):


	Fair value measurements at December 31, 2021 using:

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. money market funds	$	217,009	$	—	$	—	$	217,009
	$	217,009	$	—	$	—	$	217,009


	Fair value measurements at December 31, 2020 using:

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S money market funds	$	88,814	$	—	$	—	$	88,814
Investments:
U.S. treasury bills and notes		—		85,122		—		85,122
	$	88,814	$	85,122	$	—	$	173,936

U.S. government money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. U.S. treasury notes were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. There have been no changes to the valuation methods during the year ended December 31, 2021. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1, Level 2 or Level 3 during the year ended December 31, 2021 and 2020, respectively.