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CASH, CASH EQUIVALENTS AND INVESTMENTS | 9 Months Ended
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Sep. 30, 2024
Cash and Cash Equivalents [Abstract] |
CASH, CASH EQUIVALENTS AND INVESTMENTS | CASH, CASH EQUIVALENTS AND INVESTMENTS Securities classified as cash, cash equivalents and short-term investments as of September 30, 2024 and December 31, 2023 are summarized below (in thousands):
| September 30, 2024
|  |  | Gross Unrealized |  |
| Amortized Cost |  | Gains |  | Losses |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 7,560 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,560 |
Money market funds | 39,869 |  |  | — |  |  | — |  |  | 39,869 |
Total cash and cash equivalents | 47,429 |  |  | — |  |  | — |  |  | 47,429 |
Short-term investments: |  |  |  |  |  |  |
U.S. government-sponsored agency bonds | $ | 53,052 |  |  | $ | 52 |  |  | $ | (6) |  |  | $ | 53,098 |
U.S. treasury securities | 36,697 |  |  | 47 |  |  | (1) |  |  | 36,743 |
Commercial paper | 30,738 |  |  | 54 |  |  | — |  |  | 30,792 |
Corporate bonds | 17,371 |  |  | 37 |  |  | — |  |  | 17,408 |
Asset-backed securities | 2,975 |  |  | 3 |  |  | — |  |  | 2,978 |
Yankee bonds | 1,955 |  |  | — |  |  | (1) |  |  | 1,954 |
Total short-term investments | 142,788 |  |  | 193 |  |  | (8) |  |  | 142,973 |
Total cash, cash equivalents and investments | $ | 190,217 |  |  | $ | 193 |  |  | $ | (8) |  |  | $ | 190,402 |
| December 31, 2023
|  |  | Gross Unrealized |  |
| Amortized Cost |  | Gains |  | Losses |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 2,829 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,829 |
Money market funds | 18,641 |  |  | — |  |  | — |  |  | 18,641 |
Total cash and cash equivalents | 21,470 |  |  | — |  |  | — |  |  | 21,470 |
Short-term investments: |  |  |  |  |  |  |
U.S. government-sponsored agency bonds | $ | 101,892 |  |  | $ | 235 |  |  | $ | (34) |  |  | $ | 102,093 |
Commercial paper | 49,630 |  |  | 41 |  |  | (17) |  |  | 49,654 |
Asset-backed securities | 8,628 |  |  | 2 |  |  | (5) |  |  | 8,625 |
U.S. treasury securities | 2,455 |  |  | 2 |  |  | — |  |  | 2,457 |
Total short-term investments | 162,605 |  |  | 280 |  |  | (56) |  |  | 162,829 |
Total cash, cash equivalents and investments | $ | 184,075 |  |  | $ | 280 |  |  | $ | (56) |  |  | $ | 184,299 |
Cash equivalents consist of money market funds with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable approximation of fair value. We invest our cash in high quality securities of financial and commercial institutions. These securities are carried at fair value, which is based on readily available market information, with unrealized gains and losses included in accumulated other comprehensive income (loss) within stockholders’ equity on our balance sheets. We use the specific identification method to determine the amount of realized gains or losses on sales of marketable securities. Realized gains or losses have not been significant and are included in other income, net, in the statement of operations and comprehensive income (loss). All of our available-for sale securities held as of September 30, 2024 and December 31, 2023 had contractual maturities of less than one year. Our available-for-sale securities are subject to a periodic impairment review. We consider a debt security to be impaired when its fair value is less than its carrying cost, in which case we would further review the investment to determine whether it is other-than-temporarily impaired. When we evaluate an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, intent to sell, and whether it is more likely than not we will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired or subject to credit losses, we write it down through the statement of operations and comprehensive income (loss) to its fair value and establish that value as a new cost basis for the investment. Our unrealized losses as of September 30, 2024 and December 31, 2023 were not material. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of September 30, 2024 and December 31, 2023, and no investment was in a continuous unrealized loss position for more than one year. As such, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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