SHORT-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The following tables summarize the estimated fair value of the Company’s short-term investments and the gross unrealized holding losses and gains as of March 31, 2023 and December 31, 2022 (in thousands):


	As of March 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value







Corporate debt securities	$	13,467	$	1	$	(35)	$	13,433
Commercial paper	16,845		—		—		16,845
U.S. government bonds	30,954		9		(111)		30,852
Certificate of deposits	4,694		—		—		4,694
Treasury bills	10,768		1		(6)		10,763
Agency bonds	11,089		3		(1)		11,091
Total short-term investments	$	87,817	$	14	$	(153)	$	87,678


	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

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2023 (in thousands):


	As of March 31, 2023
	Amortized cost		Estimated Fair Value







Due within one year	$	87,817	$	87,678

Total	$	87,817	$	87,678

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 three months ended March 31, 2023, 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.