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Supplementary Balance Sheet Information
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary Balance Sheet Information Supplementary Balance Sheet Information
Investments available for sale

Investments available for sale consist of the following:

As of September 30, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Maturity less than 1 year:
Certificate of deposit$9,181 $3 $(3)$9,181 
Corporate debt securities12,194 3 (28)12,169 
Commercial paper7,616 — (3)7,613 
U.S. government agencies6,852 — (31)6,821 
U.S. treasury securities1,935 — (13)1,922 
Total maturity less than 1 year37,778 6 (78)37,706 
Maturity 1 to 2 years:
Corporate debt securities10,281 3 (85)10,199 
U.S. treasury securities18,478 — (253)18,225 
Total maturity 1 to 2 years28,759 3 (338)28,424 
Total short-term investments$66,537 $9 $(416)$66,130 


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 
Non U.S. government2,284 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 

We periodically review our portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, we have assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses in investments available for sale debt securities at September 30, 2023, were substantially due to increases in interest rates, not due to increased credit risks associated with specific securities. Accordingly, we have not recorded an allowance for credit losses. 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 September 30, 2023
(in thousands)Fair Market ValueGross Unrealized Loss
Corporate debt securities$1,794 $(10)

Property and equipment

Property and equipment consist of the following:
 
(in thousands)As of September 30,
2023		As of December 31,
2022
Furniture and office equipment$1,081 $1,066 
Leasehold improvements2,568 2,560 
Laboratory equipment1,332 1,056 
4,981 4,682 
Less—accumulated depreciation and amortization(3,664)(3,413)
Property and equipment, net$1,317 $1,269 

Accrued Liabilities

Accrued liabilities consisted of the following:

(in thousands)As of September 30,
2023		As of December 31,
2022
Accrued compensation$2,455 $1,849 
Clinical trials2,878 2,333 
Research agreements and services591 509 
Director fees125 125 
Patent, license and other fees33 24 
Other accrued liabilities69 337 
Total accrued liabilities$6,151 $5,177