SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

SHORT-TERM INVESTMENTSThe following tables summarize the estimated fair value of the Company’s short-term investments and the gross unrealized holding gains and losses as of December 31, 2022 and 2021 (in thousands):


	As of December 31, 2022
	Amortized cost		Unrealized gain		Unrealized Loss		Estimated Fair Value







Corporate debt securities	$	17,056	$	—	$	(164)	$	16,892
Commercial paper	18,922		—		—		18,922
U.S. government bonds	106,774		—		(1,515)		105,259
Certificate of deposits	9,986		—		—		9,986
Treasury bills	9,518		3		(5)		9,516
Agency bonds	1,500		—		(1)		1,499
Total short-term investments	$	163,756	$	3	$	(1,685)	$	162,074


	As of December 31, 2021
	Amortized cost		Unrealized gain		Unrealized Loss		Estimated Fair Value





Corporate debt securities	$	42,174	$	11	$	(52)	$	42,133
Commercial paper	20,743		—		—		20,743
U.S. government bonds	86,265		—		(135)		86,130
Certificate of deposits	21,501		6		—		21,507
Agency bonds	2,500		—		(5)		2,495
Total short-term investments	$	173,183	$	17	$	(192)	$	173,008

The following table presents the contractual maturities of the Company’s short-term investments as of December 31, 2022 (in thousands):


	As of December 31, 2022
	Amortized cost		Estimated Fair Value







Due within one year	$	98,136	$	97,732
Due between one to two years	65,620		64,342
Total	$	163,756	$	162,074

The Company periodically reviews the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. The Company evaluates, among other factors, whether the Company intends to sell any of these marketable securities and whether it is more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. During the year ended December 31, 2022, the Company did not record an allowance for credit losses, as management believes any such losses would be immaterial based on the investment-grade credit rating for each of the short-term investments as of the end of each period.