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Supplementary Balance Sheet Information | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplementary Balance Sheet Information | 4. Supplementary Balance Sheet Information Investments available for sale Investments available for sale consisted of the following:
|  | As of September 30, 2024 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
Maturity less than 1 year: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposit |  | $ | 334 |  |  | $ | — |  |  | $ | — |  |  | $ | 334 |
Corporate debt securities |  |  | 16,213 |  |  |  | 36 |  |  |  | (2 | ) |  |  | 16,247 |
Commercial paper |  |  | 308 |  |  |  | 2 |  |  |  | — |  |  |  | 310 |
U.S. treasury securities |  |  | 18,896 |  |  |  | 8 |  |  |  | (10 | ) |  |  | 18,894 |
Total maturity less than 1 year |  |  | 35,751 |  |  |  | 46 |  |  |  | (12 | ) |  |  | 35,785 |
Maturity 1 to 2 years: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 8,796 |  |  |  | 49 |  |  |  | (1 | ) |  |  | 8,844 |
Total maturity 1 to 2 years |  |  | 8,796 |  |  |  | 49 |  |  |  | (1 | ) |  |  | 8,844 |
Total short-term investments |  | $ | 44,547 |  |  | $ | 95 |  |  | $ | (13 | ) |  | $ | 44,629 |
|  | As of December 31, 2023 |
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
Maturity less than 1 year: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposit |  | $ | 8,317 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 8,333 |
Corporate debt securities |  |  | 10,948 |  |  |  | 8 |  |  |  | (16 | ) |  |  | 10,940 |
Commercial paper |  |  | 6,193 |  |  |  | 9 |  |  |  | — |  |  |  | 6,202 |
U.S. government agencies |  |  | 835 |  |  |  | — |  |  |  | (1 | ) |  |  | 834 |
Total maturity less than 1 year |  |  | 26,293 |  |  |  | 33 |  |  |  | (17 | ) |  |  | 26,309 |
Maturity 1 to 2 years: |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 8,437 |  |  |  | 6 |  |  |  | (10 | ) |  |  | 8,433 |
U.S. treasury securities |  |  | 18,505 |  |  |  | — |  |  |  | (79 | ) |  |  | 18,426 |
Total maturity 1 to 2 years |  |  | 26,942 |  |  |  | 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 September 30, 2024, were substantially due to changes 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 consisted of the following:
|  | As of September 30, 2024 |
(in thousands) |  | Fair Market Value |  |  | Gross Unrealized Loss |
Total |  | $ | — |  |  | $ | — |
|  | As of December 31, 2023 |
(in thousands) |  | Fair Market Value |  |  | Gross Unrealized Loss |
Corporate debt securities |  | $ | 397 |  |  | $ | (3 | )
Property and equipment Property and equipment consisted of the following:
(in thousands) |  | As of September 30, 2024 |  |  | As of December 31, 2023 |
Furniture and office equipment |  | $ | 1,067 |  |  | $ | 1,067 |
Leasehold improvements |  |  | 2,568 |  |  |  | 2,568 |
Laboratory equipment |  |  | 1,414 |  |  |  | 1,355 |
Property and equipment, gross |  |  | 5,049 |  |  |  | 4,990 |
Less—accumulated depreciation and amortization |  |  | (4,056 | ) |  |  | (3,752 | )
Property and equipment, net |  | $ | 993 |  |  | $ | 1,238 |
Accrued Liabilities Accrued liabilities consisted of the following:
(in thousands) |  | As of September 30, 2024 |  |  | As of December 31, 2023 |
Clinical trials |  | $ | 4,271 |  |  | $ | 4,309 |
Accrued compensation |  |  | 1,993 |  |  |  | 2,737 |
Research agreements and services |  |  | 637 |  |  |  | 530 |
Other accrued liabilities |  |  | 274 |  |  |  | 207 |
Total accrued liabilities |  | $ | 7,175 |  |  | $ | 7,783 |

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