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say

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2021

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: 001-37620

 

KURA ONCOLOGY, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

61-1547851

(State or Other Jurisdiction of Incorporation or Organization)

 

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

 

 

 

12730 High Bluff Drive, Suite 400, San Diego, CA

 

92130

(Address of Principal Executive Offices)

 

(Zip Code)

(858) 500-8800

(Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name, Former Address or Former Fiscal Year If Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

 

KURA

 

The Nasdaq Global Select 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, a 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

As of the close of business on August 2, 2021, the registrant had 66,295,508 shares of Common Stock ($0.0001 par value) outstanding.

 

 

 


 

KURA ONCOLOGY, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Condensed Balance Sheets − As of June 30, 2021 (unaudited) and December 31, 2020

1

 

 

 

 

Condensed Statements of Operations and Comprehensive Loss – Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

2

 

 

 

 

Condensed Statements of Stockholders’ Equity – Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

3

 

 

 

 

Condensed Statements of Cash Flows – Six Months Ended June 30, 2021 and 2020 (unaudited)

5

 

 

 

 

Notes to Condensed Financial Statements (unaudited)

6

 

 

 

 

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

13

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

21

 

 

 

 

Item 4. Controls and Procedures

21

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

22

 

 

 

 

Item 1A. Risk Factors

22

 

 

 

 

Item 6. Exhibits

63

 

 

Signatures

64

 

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KURA ONCOLOGY, INC.

Condensed Balance Sheets

(In thousands, except par value data) 

 

 

 

 

June 30,

2021

 

 

December 31,

2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

38,974

 

 

$

325,493

 

Short-term investments

 

 

528,520

 

 

 

307,827

 

Prepaid expenses and other current assets

 

 

6,138

 

 

 

3,972

 

Total current assets

 

 

573,632

 

 

 

637,292

 

Property and equipment, net

 

 

2,300

 

 

 

2,021

 

Restricted cash

 

 

210

 

 

 

210

 

Operating lease right-of-use assets

 

 

5,443

 

 

 

6,334

 

Other long-term assets

 

 

3,306

 

 

 

1,355

 

Total assets

 

$

584,891

 

 

$

647,212

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

21,290

 

 

$

23,024

 

Current portion of long-term debt

 

 

 

 

 

3,000

 

Total current liabilities

 

 

21,290

 

 

 

26,024

 

Long-term debt

 

 

 

 

 

4,250

 

Long-term operating lease liabilities

 

 

4,755

 

 

 

5,638

 

Other long-term liabilities

 

 

295

 

 

 

395

 

Total liabilities

 

 

26,340

 

 

 

36,307

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares

     issued and outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value; 200,000 shares authorized;

     66,296 and 66,194 shares issued and outstanding as of

     June 30, 2021 and December 31, 2020, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

925,796

 

 

 

913,354

 

Accumulated other comprehensive income (loss)

 

 

(393

)

 

 

46

 

Accumulated deficit

 

 

(366,859

)

 

 

(302,502

)

Total stockholders' equity

 

 

558,551

 

 

 

610,905

 

Total liabilities and stockholders' equity

 

$

584,891

 

 

$

647,212

 

 

See accompanying notes to unaudited condensed financial statements.

 

1


 

KURA ONCOLOGY, INC.

Condensed Statements of Operations and Comprehensive Loss

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (includes related party

     amounts of nil and $63 for the three months

     ended June 30, 2021 and 2020, respectively, and nil and $195 for the six months ended June 30, 2021 and 2020, respectively)

 

$

21,074

 

 

$

13,697

 

 

$

41,398

 

 

$

26,272

 

General and administrative (includes related party

     amounts of nil and $76 for the three months

     ended June 30, 2021 and 2020, respectively, and nil and $187 for the six months ended June 30, 2021 and 2020, respectively)

 

 

12,573

 

 

 

7,476

 

 

 

23,145

 

 

 

15,101

 

Total operating expenses

 

 

33,647

 

 

 

21,173

 

 

 

64,543

 

 

 

41,373

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

 

290

 

 

 

830

 

 

 

600

 

 

 

1,964

 

Interest expense

 

 

(306

)

 

 

(144

)

 

 

(414

)

 

 

(288

)

Total other income (expense)

 

 

(16

)

 

 

686

 

 

 

186

 

 

 

1,676

 

Net Loss

 

$

(33,663

)

 

$

(20,487

)

 

$

(64,357

)

 

$

(39,697

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.51

)

 

$

(0.40

)

 

$

(0.97

)

 

$

(0.82

)

Weighted average number of shares used in

     computing net loss per share,

     basic and diluted

 

 

66,282

 

 

 

51,633

 

 

 

66,250

 

 

 

48,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(33,663

)

 

$

(20,487

)

 

$

(64,357

)

 

$

(39,697

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable

     securities and foreign currency

 

 

(311

)

 

 

(4

)

 

 

(439

)

 

 

226

 

Comprehensive Loss

 

$

(33,974

)

 

$

(20,491

)

 

$

(64,796

)

 

$

(39,471

)

 

 See accompanying notes to unaudited condensed financial statements.

 

 

 

2


 

KURA ONCOLOGY, INC.

Condensed Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

66,194

 

 

$

7

 

 

$

913,354

 

 

$

46

 

 

$

(302,502

)

 

$

610,905

 

Share-based compensation expense

 

 

 

 

 

 

 

11,068

 

 

 

 

 

 

 

 

 

11,068

 

Issuance of common stock from exercises of options

     and employee stock purchase plan

 

102

 

 

 

 

 

 

1,374

 

 

 

 

 

 

 

 

 

1,374

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(439

)

 

 

 

 

 

(439

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,357

)

 

 

(64,357

)

Balance at June 30, 2021

 

66,296

 

 

$

7

 

 

$

925,796

 

 

$

(393

)

 

$

(366,859

)

 

$

558,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at March 31, 2021

 

66,263

 

 

$

7

 

 

$

919,258

 

 

$

(82

)

 

$

(333,196

)

 

$

585,987

 

Share-based compensation expense

 

 

 

 

 

 

 

5,993

 

 

 

 

 

 

 

 

 

5,993

 

Issuance of common stock from exercises of options

     and employee stock purchase plan

 

33

 

 

 

 

 

 

545

 

 

 

 

 

 

 

 

 

545

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(311

)

 

 

 

 

 

(311

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,663

)

 

 

(33,663

)

Balance at June 30, 2021

 

66,296

 

 

$

7

 

 

$

925,796

 

 

$

(393

)

 

$

(366,859

)

 

$

558,551

 

See accompanying notes to unaudited condensed financial statements.

 

3


 

KURA ONCOLOGY, INC.

Condensed Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

45,384

 

 

$

5

 

 

$

431,322

 

 

$

331

 

 

$

(212,877

)

 

$

218,781

 

Issuance of common stock, net of offering costs

 

10,465

 

 

 

1

 

 

 

134,923

 

 

 

 

 

 

 

 

 

134,924

 

Share-based compensation expense

 

 

 

 

 

 

 

5,705

 

 

 

 

 

 

 

 

 

5,705

 

Issuance of common stock from exercises of options

     and employee stock purchase plan

 

365

 

 

 

 

 

 

2,435

 

 

 

 

 

 

 

 

 

2,435

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

226

 

 

 

 

 

 

226

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,697

)

 

 

(39,697

)

Balance at June 30, 2020

 

56,214

 

 

$

6

 

 

$

574,385

 

 

$

557

 

 

$

(252,574

)

 

$

322,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Paid-In

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders'

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at March 31, 2020

 

45,430

 

 

$

5

 

 

$

434,722

 

 

$

561

 

 

$

(232,087

)

 

$

203,201

 

Issuance of common stock, net of offering costs

 

10,465

 

 

 

1

 

 

 

134,923

 

 

 

 

 

 

 

 

 

134,924

 

Share-based compensation expense

 

 

 

 

 

 

 

2,552

 

 

 

 

 

 

 

 

 

2,552

 

Issuance of common stock from exercises of options

     and employee stock purchase plan

 

319

 

 

 

 

 

 

2,188

 

 

 

 

 

 

 

 

 

2,188

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,487

)

 

 

(20,487

)

Balance at June 30, 2020

 

56,214

 

 

$

6

 

 

$

574,385

 

 

$

557

 

 

$

(252,574

)

 

$

322,374

 

See accompanying notes to unaudited condensed financial statements.

 

 

 

 

4


 

KURA ONCOLOGY, INC.

Condensed Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net loss

 

$

(64,357

)

 

$

(39,697

)

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

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

11,068

 

 

 

5,705

 

Non-cash interest expense

 

 

399

 

 

 

 

Loss on extinguishment of debt

 

 

212

 

 

 

 

Depreciation expense

 

 

232

 

 

 

12

 

Amortization of premium and accretion of discounts on

     marketable securities, net

 

 

1,987

 

 

 

(134

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

(2,166

)

 

 

(367

)

Other long-term assets

 

 

(1,178

)

 

 

533

 

Accounts payable and accrued expenses

 

 

(2,688

)

 

 

(537

)

Other long-term liabilities

 

 

(100

)

 

 

(71

)

Net cash used in operating activities

 

 

(56,591

)

 

 

(34,556

)

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(353,088

)

 

 

(96,818

)

Maturities of marketable securities

 

 

129,969

 

 

 

103,823

 

Purchases of property and equipment

 

 

(322

)

 

 

(1,231

)

Net cash (used in) provided by investing activities

 

 

(223,441

)

 

 

5,774

 

 

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

 

Repayment of long-term debt

 

 

(7,250

)

 

 

 

Payment of fees related to extinguishment of debt

 

 

(611

)

 

 

 

Proceeds from exercises of stock options and purchases under employee stock purchase plan

 

 

1,374

 

 

 

2,435

 

Proceeds from issuance of common stock, net

 

 

 

 

 

135,180

 

Net cash (used in) provided by financing activities

 

 

(6,487

)

 

 

137,615

 

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

 

 

(286,519

)

 

 

108,833

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

325,703

 

 

 

26,135

 

Cash, cash equivalents and restricted cash at end of period

 

$

39,184

 

 

$

134,968

 

See accompanying notes to unaudited condensed financial statements.

 

5


 

KURA ONCOLOGY, INC.

Notes to Unaudited Condensed Financial Statements

 

1. Organization and Basis of Presentation

The Company

Kura Oncology, Inc. is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Our pipeline consists of small molecule product candidates that target cancer signaling pathways where there is a strong scientific and clinical rationale to improve outcomes, and we intend to pair them with molecular or cellular diagnostics to identify those patients most likely to respond to treatment. We plan to advance our product candidates through a combination of internal development and strategic partnerships while maintaining significant development and commercial rights.

References in these Notes to Unaudited Condensed Financial Statements to the “Company,” “we,” “our” or “us,” refer to Kura Oncology, Inc.

Basis of Presentation

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission on February 24, 2021, from which we derived our balance sheet as of December 31, 2020. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year.

The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Though the impact of the COVID-19 pandemic to our business and operating results presents additional uncertainty, we continue to use the best information available to inform our critical accounting estimates. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

The extent to which the COVID-19 pandemic has impacted and may continue to impact our business will depend on future developments, which are highly uncertain and cannot be predicted with any confidence, such as the duration and severity of the COVID-19 pandemic, steps required or mandated by governments to mitigate the impact of COVID-19 or the effectiveness of actions to prevent, contain and treat COVID-19, particularly in the geographies where we, our third party manufacturers, contract research organizations or current and planned clinical trial sites operate. We cannot presently predict the scope and severity of any potential business disruptions, interruptions or shutdowns. If we or any of the third parties with whom we engage, however, were to experience shutdowns or other business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on our business and our results of operations and financial condition.

 

 

6


 

2. Summary of Significant Accounting Policies

Reclassifications

Certain prior period balances have been reclassified to conform to the current period presentation.

Restricted Cash

Under the terms of an office lease entered into in March 2020, we are required to maintain a standby letter of credit during the term of the lease. As of June 30, 2021, restricted cash of $0.2 million was pledged as collateral for the letter of credit.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the unaudited condensed balance sheets that sum to the total of the amounts shown in the unaudited condensed statements of cash flows, in thousands:

 

 

June 30, 2021

 

 

December 31, 2020

 

 

June 30, 2020

 

 

December 31, 2019

 

Cash and cash equivalents

 

$

38,974

 

 

$

325,493

 

 

$

134,758

 

 

$

26,135

 

Restricted cash

 

 

210

 

 

 

210

 

 

 

210

 

 

 

 

Total

 

$

39,184

 

 

$

325,703

 

 

$

134,968

 

 

$

26,135

 

 

Allowance for Credit Losses

For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the unaudited condensed statements of operations and comprehensive loss.

Concentration of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We have established guidelines to limit our exposure to credit risk by placing investments with high credit quality financial institutions, diversifying our investment portfolio and placing investments with maturities that maintain safety and liquidity. We periodically review and modify these guidelines to maximize trends in yields and interest rates without compromising safety and liquidity.

Net Loss per Share

Basic net loss per common 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 calculated 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. Common stock equivalents outstanding are comprised of stock options, restricted stock units, a warrant and employee stock purchase plan rights and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. Because of our net loss for the three and six months ended June 30, 2021 and 2020, common stock equivalents outstanding at June 30, 2021 and 2020 totaling approximately 7,002,000 and 5,141,000, respectively, were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that we adopt as of the specified effective date. We have evaluated recently issued accounting pronouncements and, based on our preliminary assessment, we do not believe any will have a material impact on our unaudited condensed financial statements or related footnote disclosures.

7


 

3. Investments

We invest in available-for-sale securities consisting of money market funds, corporate debt securities, U.S. Treasury securities, commercial paper, non-U.S. government debt securities, supranational debt securities and U.S. Agency bonds. Available-for-sale securities are classified as part of either cash and cash equivalents or short-term investments on our unaudited condensed balance sheets.

The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands:

 

 

 

 

June 30, 2021

 

 

Maturities

(years)

 

Amortized

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

1 or less

 

$

37,471

 

 

$

 

 

$

 

 

$

37,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

3 or less

 

 

202,294