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SHORT-TERM INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
SHORT-TERM INVESTMENTS

NOTE 2 – SHORT-TERM INVESTMENTS

 

The following table provides a summary of the short-term investments (in thousands):

 

   December 31, 2023 
   Amortized Cost  

Gross

Unrealized Gain

  

Gross

Unrealized Loss

   Fair Value 
                 
Available-for-sale, short-term investments:                    
U.S. treasury securities  $8,406    —    (13)  $8,393 
U.S. federal agency securities   29,413    —    (53)   29,360 
Total available-for-sale, short-term investments  $37,819    —    (66)  $37,753 

 

   December 31, 2022 
   Amortized Cost   Gross Unrealized Gain   Gross Unrealized Loss   Fair Value 
                 
Available-for-sale, short-term investments:                    
U.S. treasury and federal agency securities  $38,032    —    (100)  $37,932 
Total available-for-sale, short-term investments  $38,032    —    (100)  $37,932 

 

As of December 31, 2023, the available-for-sale securities classified as short-term investments mature in one year or less. The Company carries its available-for-sale securities at fair value in the consolidated balance sheets. Unrealized losses on available-for-sale securities as of December 31, 2023, were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. None of the short-term investments have been in a continuous unrealized loss position for more than 12 months. Accordingly, no other-than-temporary impairment was recorded for the year ended December 31, 2023.

 

There were no significant realized gains or losses recognized on the sale or maturity of available-for-sale investments during the years ended December 31, 2023 or 2022.