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Supplementary Balance Sheet Information
 12 Months Ended
Dec. 31, 2023
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, 2023
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Maturity less than 1 year:
Certificate of deposit$8,317 $16 $— $8,333 
Corporate debt securities10,948 8 (16)10,940 
Commercial paper6,193 9 — 6,202 
U.S. government agencies835 — (1)834 
Total maturity less than 1 year26,293 33 (17)26,309 
Maturity 1 to 2 years:
Corporate debt securities8,437 6 (10)8,433 
U.S. treasury securities18,505 — (79)18,426 
Total maturity 1 to 2 years26,942 6 (89)26,859 
Total short-term investments$53,235 $39 $(106)$53,168 


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 

For the year ended December 31, 2023 the net realized loss recorded within the Company's statement of operations from the sale of short-term investments was $0.1 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, 2023.

The Company periodically reviews the 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, the Company has 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 December 31, 2023, were substantially due to increases in interest rates, not due to increased credit risks associated with specific securities. Accordingly, the Company has not recorded an allowance for credit losses. It is not more likely than not that the Company 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, 2023
(in thousands)Fair Market ValueGross Unrealized Loss
Corporate debt securities$397 $(3)
Total short-term investments$397 $(3)


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)

Accrued Interest from short-term investments

Accrued interest from short-term investments contained within prepaid expenses and other current assets as of December 31, 2023 and 2022 was $0.6 million and $0.5 million, respectively.

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, 2023 and 2022 was $0.4 million and $0.2 million, respectively. Property and equipment consisted of the following:
 As of December 31,
(in thousands)20232022
Furniture and office equipment$1,067 $1,066 
Leasehold improvements2,568 2,560 
Laboratory equipment1,355 1,056 
Property and equipment, gross4,990 4,682 
Less—accumulated depreciation(3,752)(3,413)
Property and equipment, net$1,238 $1,269 

Accrued Liabilities

Accrued liabilities consisted of the following:
 As of December 31,
(in thousands)20232022
Accrued compensation$2,737 $1,849 
Clinical trials4,309 2,333 
Research agreements and services530 509 
Other accrued liabilities207 486 
Total accrued liabilities$7,783 $5,177