10-Q
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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 September 30, 2023

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)

 

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 October 26, 2023, the registrant had 74,272,111 shares of Common Stock, $0.0001 par value, outstanding.

0

 

 

 


 

KURA ONCOLOGY, INC.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Condensed Financial Statements (unaudited)

 

 

 

 

 

Condensed Balance Sheets − As of September 30, 2023 (unaudited) and December 31, 2022

1

 

 

 

 

Condensed Statements of Operations and Comprehensive Loss – Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

2

 

 

 

 

Condensed Statements of Stockholders’ Equity – Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

3

 

 

 

 

Condensed Statements of Cash Flows – Nine Months Ended September 30, 2023 and 2022 (unaudited)

5

 

 

 

 

Notes to Condensed Financial Statements (unaudited)

6

 

 

 

 

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

12

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

22

 

 

 

 

Item 4. Controls and Procedures

22

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

23

 

 

 

 

Item 1A. Risk Factors

23

 

 

 

 

Item 5. Other Information

70

 

 

 

 

Item 6. Exhibits

72

 

 

Signatures

 

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

KURA ONCOLOGY, INC.

Condensed Balance Sheets

(In thousands, except par value data)

 

 

September 30,
2023

 

 

December 31,
2022

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,740

 

 

$

51,802

 

Short-term investments

 

 

423,853

 

 

 

386,183

 

Prepaid expenses and other current assets

 

 

7,324

 

 

 

8,441

 

Total current assets

 

 

459,917

 

 

 

446,426

 

Property and equipment, net

 

 

2,057

 

 

 

2,540

 

Operating lease right-of-use assets

 

 

7,281

 

 

 

3,842

 

Other long-term assets

 

 

4,516

 

 

 

3,498

 

Total assets

 

$

473,771

 

 

$

456,306

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

25,843

 

 

$

21,739

 

Current operating lease liabilities

 

 

1,682

 

 

 

2,318

 

Total current liabilities

 

 

27,525

 

 

 

24,057

 

Long-term debt, net

 

 

9,289

 

 

 

9,158

 

Long-term operating lease liabilities

 

 

6,453

 

 

 

2,548

 

Other long-term liabilities

 

 

567

 

 

 

265

 

Total liabilities

 

 

43,834

 

 

 

36,028

 

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;
     
74,251 and 68,314 shares issued and outstanding as of
     September 30, 2023 and December 31, 2022, respectively

 

 

7

 

 

 

7

 

Additional paid-in capital

 

 

1,112,118

 

 

 

997,111

 

Accumulated other comprehensive loss

 

 

(3,535

)

 

 

(8,032

)

Accumulated deficit

 

 

(678,653

)

 

 

(568,808

)

Total stockholders’ equity

 

 

429,937

 

 

 

420,278

 

Total liabilities and stockholders’ equity

 

$

473,771

 

 

$

456,306

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

29,328

 

 

$

24,973

 

 

$

82,702

 

 

$

70,144

 

General and administrative

 

 

13,145

 

 

 

11,621

 

 

 

36,340

 

 

 

34,565

 

Total operating expenses

 

 

42,473

 

 

 

36,594

 

 

 

119,042

 

 

 

104,709

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income, net

 

 

4,275

 

 

 

1,090

 

 

 

10,352

 

 

 

1,983

 

Interest expense

 

 

(404

)

 

 

 

 

 

(1,155

)

 

 

 

Total other income, net

 

 

3,871

 

 

 

1,090

 

 

 

9,197

 

 

 

1,983

 

Net Loss

 

$

(38,602

)

 

$

(35,504

)

 

$

(109,845

)

 

$

(102,726

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.50

)

 

$

(0.53

)

 

$

(1.53

)

 

$

(1.54

)

Weighted average number of shares used in computing
     net loss per share, basic and diluted

 

 

77,241

 

 

 

66,889

 

 

 

71,845

 

 

 

66,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(38,602

)

 

$

(35,504

)

 

$

(109,845

)

 

$

(102,726

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities and
     foreign currency

 

 

1,687

 

 

 

(1,601

)

 

 

4,497

 

 

 

(7,627

)

Comprehensive Loss

 

$

(36,915

)

 

$

(37,105

)

 

$

(105,348

)

 

$

(110,353

)

 

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, 2022

 

68,314

 

 

$

7

 

 

$

997,111

 

 

$

(8,032

)

 

$

(568,808

)

 

$

420,278

 

Share-based compensation expense

 

 

 

 

 

 

 

6,838

 

 

 

 

 

 

 

 

 

6,838

 

Issuance of common stock under equity plans

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

2,136

 

 

 

 

 

 

2,136

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,069

)

 

 

(34,069

)

Balance at March 31, 2023

 

68,439

 

 

 

7

 

 

 

1,003,949

 

 

 

(5,896

)

 

 

(602,877

)

 

 

395,183

 

Issuance of common stock, net of offering costs

 

5,661

 

 

 

 

 

 

60,919

 

 

 

 

 

 

 

 

 

60,919

 

Issuance of pre-funded warrants to purchase common stock, net of offering costs

 

 

 

 

 

 

 

32,658

 

 

 

 

 

 

 

 

 

32,658

 

Share-based compensation expense

 

 

 

 

 

 

 

6,987

 

 

 

 

 

 

 

 

 

6,987

 

Issuance of common stock under equity plans

 

43

 

 

 

 

 

 

431

 

 

 

 

 

 

 

 

 

431

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

674

 

 

 

 

 

 

674

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,174

)

 

 

(37,174

)

Balance at June 30, 2023

 

74,143

 

 

 

7

 

 

 

1,104,944

 

 

 

(5,222

)

 

 

(640,051

)

 

 

459,678

 

Share-based compensation expense

 

 

 

 

 

 

 

7,090

 

 

 

 

 

 

 

 

 

7,090

 

Issuance of common stock under equity plans

 

108

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

 

84

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

1,687

 

 

 

 

 

 

1,687

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,602

)

 

 

(38,602

)

Balance at September 30, 2023

 

74,251

 

 

$

7

 

 

$

1,112,118

 

 

$

(3,535

)

 

$

(678,653

)

 

$

429,937

 

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, 2021

 

66,572

 

 

$

7

 

 

$

941,359

 

 

$

(1,789

)

 

$

(432,968

)

 

$

506,609

 

Share-based compensation expense

 

 

 

 

 

 

 

6,650

 

 

 

 

 

 

 

 

 

6,650

 

Issuance of common stock under equity plans

 

64

 

 

 

 

 

 

303

 

 

 

 

 

 

 

 

 

303

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(4,859

)

 

 

 

 

 

(4,859

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,453

)

 

 

(32,453

)

Balance at March 31, 2022

 

66,636

 

 

 

7

 

 

 

948,312

 

 

 

(6,648

)

 

 

(465,421

)

 

 

476,250

 

Share-based compensation expense

 

 

 

 

 

 

 

6,508

 

 

 

 

 

 

 

 

 

6,508

 

Issuance of common stock under equity plans

 

202

 

 

 

 

 

 

2,669

 

 

 

 

 

 

 

 

 

2,669

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(1,167

)

 

 

 

 

 

(1,167

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,769

)

 

 

(34,769

)

Balance at June 30, 2022

 

66,838

 

 

 

7

 

 

 

957,489

 

 

 

(7,815

)

 

 

(500,190

)

 

 

449,491

 

Share-based compensation expense

 

 

 

 

 

 

 

6,355

 

 

 

 

 

 

 

 

 

6,355

 

Issuance of common stock under equity plans

 

56

 

 

 

 

 

 

880

 

 

 

 

 

 

 

 

 

880

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(1,601

)

 

 

 

 

 

(1,601

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,504

)

 

 

(35,504

)

Balance at September 30, 2022

 

66,894

 

 

$

7

 

 

$

964,724

 

 

$

(9,416

)

 

$

(535,694

)

 

$

419,621

 

See accompanying notes to unaudited condensed financial statements.

4


 

KURA ONCOLOGY, INC.

Condensed Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2023

 

 

2022

 

Operating Activities

 

 

 

 

 

 

Net loss

 

$

(109,845

)

 

$

(102,726

)

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

 

 

 

 

 

 

Share-based compensation expense

 

 

20,915

 

 

 

19,513

 

Amortization of premium and accretion of discounts on
     marketable securities, net

 

 

(6,687

)

 

 

2,264

 

Depreciation expense

 

 

635

 

 

 

553

 

Non-cash interest expense

 

 

358

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses and other current assets

 

 

574

 

 

 

(4,287

)

Operating lease right-of-use and other long-term assets

 

 

778

 

 

 

226

 

Accounts payable and accrued expenses

 

 

2,681

 

 

 

758

 

Other long-term liabilities

 

 

75

 

 

 

167

 

Net cash used in operating activities

 

 

(90,516

)

 

 

(83,532

)

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

Purchases of marketable securities

 

 

(310,135

)

 

 

(164,532

)

Maturities of marketable securities

 

 

283,649

 

 

 

245,091

 

Purchases of property and equipment

 

 

(152

)

 

 

(614

)

Net cash (used in) provided by investing activities

 

 

(26,638

)

 

 

79,945

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

Proceeds from issuance of common stock and pre-funded warrants, net of offering costs

 

 

93,577

 

 

 

 

Proceeds from issuance of stock under equity plans

 

 

515

 

 

 

3,852

 

Net cash provided by financing activities

 

 

94,092

 

 

 

3,852

 

Net (decrease) increase in cash and cash equivalents

 

 

(23,062

)

 

 

265

 

Cash and cash equivalents at beginning of period

 

 

51,802

 

 

 

90,672

 

Cash and cash equivalents at end of period

 

$

28,740

 

 

$

90,937

 

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, 2022, as filed with the Securities and Exchange Commission on February 23, 2023, from which we derived our balance sheet as of December 31, 2022. 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. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.

2. Summary of Significant Accounting Policies

Reclassifications

The prior period restricted cash balance of approximately $0.2 million has been reclassified to other long-term assets in the accompanying unaudited condensed financial statements. See Note 6, Leases, for further details.

Allowance for Credit Losses

For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or if 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 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, market conditions, 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.

6


 

We elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of our available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within prepaid expenses and other current assets on our unaudited condensed balance sheets. Our accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which we consider to be in the period in which we determine the accrued interest will not be collected by us.

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.

Employee Retention Credit

Under the Coronavirus Aid, Relief, and Economic Security Act of 2020, or CARES Act, we were eligible to claim the employee retention credit, which is a refundable tax credit against certain employment taxes. For the nine months ended September 30, 2023, we recognized $2.8 million of employee retention credits related to wages paid to our employees from July 2020 through September 2021 within operating expenses as a reduction to personnel costs in the unaudited condensed statements of operations and comprehensive loss. We filed for the credit with the Internal Revenue Service in the first quarter of 2023. As of September 30, 2023, an employee retention credit receivable of $2.8 million was included within prepaid expenses and other current assets in the unaudited condensed balance sheets, and we expect to receive such credit in the form of a cash payment during the second half of 2023.

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, which includes the shares related to outstanding pre-funded warrants (see Note 7), but excludes other potential common stock equivalents. Pre-funded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration, and are fully vested and exercisable. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares and common stock equivalents outstanding for the period. As we have reported net loss for the three and nine months ended September 30, 2023 and 2022, dilutive net loss per common share is the same as basic net loss per common share for those periods. Common stock equivalents outstanding are comprised of stock options, restricted stock units, performance-based restricted stock units, warrants 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. Common stock equivalents outstanding at September 30, 2023 and 2022 totaling approximately 12,664,000 and 9,111,000, respectively, were excluded from the computation of dilutive weighted-average shares outstanding because their effect would be 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.

3. Investments

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

7


 

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

 

 

 

September 30, 2023

 

 

Maturities
(years)

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

1 or less

 

$

9,012

 

 

$

 

 

$

 

 

$

9,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

2 or less

 

 

292,274

 

 

 

 

 

 

(1,433

)

 

 

290,841

 

Corporate debt securities

2 or less

 

 

80,622

 

 

 

 

 

 

(1,691

)

 

 

78,931

 

Commercial paper

1 or less

 

 

24,294

 

 

 

 

 

 

(14

)

 

 

24,280

 

U.S. Agency bonds

1 or less

 

 

15,273

 

 

 

3

 

 

 

(5

)

 

 

15,271

 

Non-U.S. government debt securities

1 or less

 

 

15,000

 

 

 

 

 

 

(470

)

 

 

14,530

 

Total short-term investments

 

 

 

427,463

 

 

 

3

 

 

 

(3,613

)

 

 

423,853