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Investment | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment | 4. Investments The Company did not hold any investments at September 30, 2023. The following table summarizes the Company's investments at December 31, 2022, all of which are classified as available-for-sale and recorded at fair value:
|  | December 31, 2022 |
|  | Amortization |  |  | Unrealized |  |  | Fair Market |
|  | Cost |  |  | Loss |  |  | Value |
Short-term marketable securities |  |  | 31,280 |  |  |  | (317 | ) |  |  | 31,143 |
|  | $ | 31,280 |  |  | $ | (317 | ) |  | $ | 31,143 |
The Company's short-term marketable securities were held in investment advisory accounts with SVB Asset Management (SAM). On March 27, 2023, following the closure of SVB, SAM's former parent company, and the creation of SVBB, the FDIC entered into a purchase and assumption agreement for certain assets of SVBB with First-Citizens Bank & Trust Company (FCB). As a result of this transaction, SAM became a wholly owned subsidiary of FCB. As of September 30, 2023, the Company does not hold any short-term marketable securities. The Company determines the appropriate classification of investments at the time of purchase and reviews any investment when its fair value is less than its amortized cost and when evidence indicates that the investment’s carrying amount is not recoverable within a reasonable period of time. The Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the investment is compared to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on the consolidated balance sheet, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to a credit loss is recognized in other comprehensive (loss) income. The unrealized losses at September 30, 2023 and December 31, 2022 were attributable to changes in interest rates and do not represent credit losses. At September 30, 2023, the Company did not own any debt securities. At December 31, 2022, the Company held 14 debt securities that were in an unrealized loss position. The Company does not sell the investments before recovery of their amortized cost bases, which may be at maturity. The following tables summarize the Company's debt securities in an unrealized loss position, aggregated by length of time in a continuous unrealized loss position.
|  | December 31, 2022 |
|  | Less than 12 Months |  |  | More than 12 Months |  |  | Total |
|  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |  |  | Fair Market Value |  |  | Unrealized Loss |
Short-term marketable securities in unrealized loss position |  | $ | 17,303 |  |  | $ | (78 | ) |  | $ | 9,927 |  |  | $ | (135 | ) |  | $ | 27,230 |  |  | $ | (213 | )
|  | $ | 17,303 |  |  | $ | (78 | ) |  | $ | 9,927 |  |  | $ | (135 | ) |  | $ | 27,230 |  |  | $ | (213 | )

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