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CASH EQUIVALENTS AND MARKETABLE SECURITIES | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
CASH EQUIVALENTS AND MARKETABLE SECURITIES | CASH EQUIVALENTS AND MARKETABLE SECURITIES The Company had no cash equivalents or marketable securities as of June 30, 2024. The table below summarizes the Company’s cash equivalents and marketable securities as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2023 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 2,508 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,508 |
Total | 2,508 |  |  | — |  |  | — |  |  | 2,508 |
Marketable securities: |  |  |  |  |  |  |
U.S. government-sponsored entity debt securities | 22,347 |  |  | 219 |  |  | — |  |  | 22,566 |
Commercial paper securities | 2,825 |  |  | 2 |  |  | (1) |  |  | 2,826 |
Corporate debt securities | 1,399 |  |  | 6 |  |  | — |  |  | 1,405 |
Asset-backed securities | 2,368 |  |  | 9 |  |  | — |  |  | 2,377 |
U.S. treasury bills | 5,599 |  |  | — |  |  | (6) |  |  | 5,593 |
Certificates of deposit | 1,026 |  |  | 5 |  |  | — |  |  | 1,031 |
Total | 35,564 |  |  | 241 |  |  | (7) |  |  | 35,798 |
Total cash equivalents and marketable securities | $ | 38,072 |  |  | $ | 241 |  |  | $ | (7) |  |  | $ | 38,306 |
The fair value of marketable securities by contractual maturity were as follows (in thousands):
|  |  | December 31, 2023
Maturing in one year or less |  |  | $ | 10,855 |
Maturing after one year through five years |  |  | 24,943 |
Total |  |  | $ | 35,798 |
Realized gains and losses on the sales of investments were not material during the three and six months ended June 30, 2024. There were no realized gains and losses on the sales of investments during the three and six months ended June 30, 2023. Total unrealized gains for securities with net gains in accumulated other comprehensive loss were not material during the three and six months ended June 30, 2024 and 2023. The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses related to its marketable securities for the three and six months ended June 30, 2024 and 2023. The Company had no unrealized losses related to its marketable securities for the three and six months ended June 30, 2024. The Company had no material unrealized losses related to its marketable securities for the three and six months ended June 30, 2023. The Company had no material unrealized losses, individually and in the aggregate, for marketable securities that were in a continuous unrealized loss position for greater than 12 months as of June 30, 2024 and December 31, 2023. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. No significant facts or circumstances had arisen to indicate that there had been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, the Company determined that no allowance for credit losses related to its marketable securities was required at either June 30, 2024 or December 31, 2023. For the periods the Company had investment in debt securities, the Company also considered whether it was more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. No impairment charges were recorded during the three months ended June 30, 2024 and 2023.

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