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Supplementary Balance Sheet Information
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary Balance Sheet Information Supplementary Balance Sheet Information
Short-term investments available-for-sale securities consist of the following:

As of December 31, 2022
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Maturity less than 1 year:
Certificate of deposit$16,101 $3 $(81)$16,023 
Corporate debt securities44,806 8 (275)44,539 
Commercial paper13,203 4 (20)13,187 
U.S. government agencies2,284 4 — 2,288 
U.S. treasury securities7,905 — (18)7,887 
Total maturity less than 1 year84,299 19 (394)83,924 
Maturity 1 to 2 years:
Corporate debt securities5,016 1 (21)4,996 
Total maturity 1 to 2 years5,016 1 (21)4,996 
Total short-term investments$89,315 $20 $(415)$88,920 




As of December 31, 2021
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Maturity less than 1 year:
Certificate of deposit$1,260 $— $— $1,260 
Corporate debt securities58,822 2 (38)58,786 
Commercial paper14,453 4 (3)14,454 
Non U.S. government728 — — 728 
U.S. treasury securities20,380 — (24)20,356 
Total maturity less than 1 year95,643 6 (65)95,584 
Maturity 1 to 2 years:
Corporate debt securities29,676 1 (73)29,604 
U.S. treasury securities3,701 — (11)3,690 
Total maturity 1 to 2 years33,377 1 (84)33,294 
Total short-term investments$129,020 $7 $(149)$128,878 

For the year ended December 31, 2022 the net realized loss recorded within the Company's statement of operations from the sale of short-term investments was $0.2 million. The amount of gains and losses reclassified out of other comprehensive income for the period related to the sales of short-term investments was not material for the year ended December 31, 2022.

Unrealized losses in investments available for sale debt securities at December 31, 2022, were primarily due to increases in interest rates, not due to increased credit risks associated with specific securities. It is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity.

Investments available for sale that have been in a continuous unrealized loss position for greater than one-year consist of the following:
As of December 31, 2022
(in thousands)Fair Market ValueGross Unrealized Loss
Corporate debt securities$17,084 $(161)
U.S. treasury securities3,666 (14)
Total short-term investments$20,750 $(175)

Property and Equipment
Fixed assets consist of furniture and office equipment, leasehold improvements and laboratory equipment. Depreciation expense for property and equipment for the years ended December 31, 2022 and 2021 was $0.2 million and $0.5 million, respectively. Property and equipment consisted of the following:
 As of December 31,
(in thousands)20222021
Furniture and office equipment$1,066 $955 
Leasehold improvements2,560 1,962 
Laboratory equipment1,056 906 
 4,682 3,823 
Less—accumulated depreciation(3,413)(3,441)
Property and equipment, net$1,269 $382 

Accrued Liabilities

Accrued liabilities consisted of the following:

 As of December 31,
(in thousands)20222021
Accrued compensation$1,849 $1,435 
Preferred stock dividend(1)
— 414 
Clinical trials2,333 1,639 
Research agreements and services509 726 
Director fees125 141 
Patent, license and other fees24 43 
Other accrued liabilities337 129 
Total accrued liabilities$5,177 $4,527 
(1)See Note 2 to the financial statements.