XML 22 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Supplementary Balance Sheet Information
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Market Value
Maturity less than 1 year:
Certificate of deposit$6,501 $10 $— $6,511 
Corporate debt securities14,686 6 (27)14,665 
Commercial paper5,288 2 (1)5,289 
U.S. treasury securities16,342 — (112)16,230 
Total maturity less than 1 year42,817 18 (140)42,695 
Maturity 1 to 2 years:
Corporate debt securities3,654 13 (4)3,663 
U.S. treasury securities2,190 — (19)2,171 
Total maturity 1 to 2 years5,844 13 (23)5,834 
Total short-term investments$48,661 $31 $(163)$48,529 


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 
Non U.S. government835 — (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 

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 March 31, 2024, 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 March 31, 2024
(in thousands)Fair Market ValueGross Unrealized Loss
Corporate debt securities$1,546 $(6)

As of December 31, 2023
(in thousands)Fair Market ValueGross Unrealized Loss
Corporate debt securities$397 $(3)

Property and equipment

Property and equipment consist of the following:
 
(in thousands)As of March 31,
2024		As of December 31,
2023
Furniture and office equipment$1,067 $1,067 
Leasehold improvements2,568 2,568 
Laboratory equipment1,419 1,355 
5,054 4,990 
Less—accumulated depreciation and amortization(3,855)(3,752)
Property and equipment, net$1,199 $1,238 

Accrued Liabilities

Accrued liabilities consisted of the following:

(in thousands)As of March 31,
2024		As of December 31,
2023
Accrued compensation$1,234 $2,737 
Clinical trials3,783 4,309 
Research agreements and services692 530 
Other accrued liabilities247 207 
Total accrued liabilities$5,956 $7,783