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5. INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, All Other Investments [Abstract] |
Schedule of Fair Value Hierarchy Assets and Liabilities | The valuation inputs hierarchy classification for assets measured at fair value on a recurring basis are summarized below as of March 31, 2023 and December 31, 2022 (in thousands). These tables do not include cash held in our money market savings accounts.
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | — |  |  | $ | 15,041 |  |  | $ | — |  |  | $ | 15,041 |
U.S. Treasury securities |  |  | — |  |  |  | 29,503 |  |  |  | — |  |  |  | 29,503 |
|  | $ | — |  |  | $ | 44,544 |  |  | $ | — |  |  | $ | 44,544 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | — |  |  | $ | 15,500 |  |  | $ | — |  |  | $ | 15,500 |
U.S. Treasury securities |  |  | — |  |  |  | 46,673 |  |  |  | — |  |  |  | 46,673 |
|  | $ | — |  |  | $ | 62,173 |  |  | $ | — |  |  | $ | 62,173 |
Schedule of Unrealized Gain or Loss on Short-term Investments | Our short-term investments are summarized below as of March 31, 2023 and December 31, 2022 (in thousands).
|  |  |  |  |  |  |  |  |  |  | Investment |
|  | Cost/ |  |  | Gross |  |  | Gross |  |  | Securities, |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Available- |
|  | Cost |  |  | Gains |  |  | Losses |  |  | For-Sale |
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 15,063 |  |  | $ | — |  |  | $ | (22 | ) |  | $ | 15,041 |
U.S. Treasury securities |  |  | 29,531 |  |  |  | 2 |  |  |  | (30 | ) |  |  | 29,503 |
|  | $ | 44,594 |  |  | $ | 2 |  |  | $ | (52 | ) |  | $ | 44,544 |
|  |  |  |  |  |  |  |  |  |  | Investment |
|  | Cost/ |  |  | Gross |  |  | Gross |  |  | Securities, |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Available- |
|  | Cost |  |  | Gains |  |  | Losses |  |  | For-Sale |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 15,538 |  |  | $ | — |  |  | $ | (38 | ) |  | $ | 15,500 |
U.S. Treasury securities |  |  | 46,762 |  |  |  | 2 |  |  |  | (91 | ) |  |  | 46,673 |
|  | $ | 62,300 |  |  | $ | 2 |  |  | $ | (129 | ) |  | $ | 62,173 |
+Maturity Date of Available-for-sale Securities | The maturities of the investment securities available-for-sale as of March 31, 2023 and December 31, 2022 are shown below (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity date |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than one year |  | $ | 44,594 |  |  | $ | 2 |  |  | $ | (52 | ) |  | $ | 44,544 |
|  | $ | 44,594 |  |  |  |  |  |  |  |  |  |  | $ | 44,544 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturity date |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than one year |  | $ | 62,300 |  |  | $ | 2 |  |  | $ | (129 | ) |  | $ | 62,173 |
|  | $ | 62,300 |  |  |  |  |  |  |  |  |  |  | $ | 62,173 |
Schedule of Unrealized Loss on Investment Securities | The following table summarizes investments that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for more than 12 months as of March 31, 2023 and December 31, 2022 (in thousands):
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
As of March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 11,591 |  |  | $ | (22 | ) |  | $ | — |  |  | $ | — |  |  | $ | 11,591 |  |  | $ | (22 | )
U.S. Treasury securities |  |  | 14,858 |  |  |  | (30 | ) |  |  | — |  |  |  | — |  |  |  | 14,858 |  |  |  | (30 | )
|  | $ | 26,449 |  |  | $ | (52 | ) |  | $ | — |  |  | $ | — |  |  | $ | 26,449 |  |  | $ | (52 | )
|  | Less than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 12,295 |  |  | $ | (38 | ) |  | $ | — |  |  | $ | — |  |  | $ | 12,295 |  |  | $ | (38 | )
U.S. Treasury securities |  |  | 34,530 |  |  |  | (91 | ) |  |  | — |  |  |  | — |  |  |  | 34,530 |  |  |  | (91 | )
|  | $ | 46,825 |  |  | $ | (129 | ) |  | $ | — |  |  | $ | — |  |  | $ | 46,825 |  |  | $ | (129 | )

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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