Short-Term Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

4. SHORT-TERM INVESTMENTS

Short-term investments, which are classified as available-for-sale, consisted of the following:


December 31, 2022	Amortized Cost Basis		Unrealized Gain		Unrealized Loss			Fair Values
	(in thousands)
Treasury notes	$	27,173	$	—	$	(14	)	$	27,159
Treasury bills		59,326		10		(2	)		59,334
Commercial paper		134,375		—		—			134,375
Corporate debt securities		58,795		13		(55	)		58,753
Agency bonds		4,781		17		0			4,798
Total short-term investments	$	284,450	$	40	$	(71	)	$	284,419


December 31, 2021	Amortized Cost Basis		Unrealized Loss			Fair Values
	(in thousands)
Commercial paper	$	33,979	$	(1	)	$	33,978
Corporate debt securities		11,953		(4	)		11,949
Total short-term investments		45,932		(5	)		45,927

As of December 31, 2022 and 2021, all investments had contractual maturities within one year. The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts until maturity. Such amortization and accretion are included in interest income. There were no realized gains and losses recognized during the years ended December 31, 2022 and 2021. The Company evaluates short-term investments for other-than-temporary impairment at the balance sheet date. Declines in fair value, if any, determined to be other-than-temporary are also included in other income, net.

When assessing short-term investments for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. The Company has the ability to hold its investments until maturity and generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As of December 31, 2022 and 2021, there were no impairment charges on short-term investments.