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Short-term Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

Short-term Investments The Company invests certain of its excess cash in short-term debt instruments which consist of U.S. Treasury bills with original maturities greater than three months and less than one year. All short-term investments are classified as held-to-maturity and are recorded and held at amortized cost. Investments are considered to be impaired when a decline in fair value is deemed to be other-than-temporary. Once a decline in fair value is determined to be other-than-temporary, the carrying value of an instrument is adjusted to its fair value on a non-recurring basis. No such fair value impairment was recognized during the three months ended March 31, 2023 and year ended December 31, 2022.

The following tables summarize the Company's financial instruments that were measured at fair value on a non-recurring basis (in thousands):

									March 31, 2023
Description			Classification						Amortized cost						Gross unrecognized holding gains						Gross unrecognized holdings losses						Aggregate fair value
Saving deposits			Cash equivalents						$	22,510					$	—					$	—					$	22,510
US Treasury securities			Short-term investments						180,455						66						—						180,521
									$	202,965					$	66					$	—					$	203,031

									December 31, 2022
Description			Classification						Amortized cost						Gross unrecognized holding gains						Gross unrecognized holdings losses						Aggregate fair value
Saving deposits			Cash equivalents						$	31,288					$	—					$	—					$	31,288
US Treasury securities			Cash equivalents						85,201						17						—						85,218
US Treasury securities			Short-term investments						84,224						10						(5)						84,229
									$	200,713					$	27					$	(5)					$	200,735

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- References

No definition available.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph (b)

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