Rubius Therapeutics, Inc. - 10-Q filing on 2022-05-10

Investments and Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2022

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

As of March 31, 2022, investments by security type consisted of the following (in thousands):


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Credit Losses		Fair Value
U.S. government treasury bills (due within one year)	$	78,470	$	—	$	(57)	$	—	$	78,413
	$	78,470	$	—	$	(57)	$	—	$	78,413

The Company had no investments as of December 31, 2021.

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 March 31, 2022 using:

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. government money market funds	$	92,740	$	—	$	—	$	92,740
Investments:
U.S. government treasury bills		—		78,413		—		78,413
	$	92,740	$	78,413	$	—	$	171,153


	Fair value measurements at December 31, 2021 using:

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

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. government treasury bills 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 three months ended March 31, 2022. 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 three months ended March 31, 2022.