CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Short-term investments include investments in U.S. Treasury notes. Short-term investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. Debt investments with original maturities at the date of purchase greater than approximately three months but less than one year are classified as short-term investments, as they represent the investment of cash available for current operations. All short-term investments that the company holds are classified as "held-to-maturity". The Company has accounted for and disclosed the purchase of its short-term investments in accordance with ASC 320 ("Investments - Debt Securities"). The

following table summarizes the fair value of cash and cash equivalents, and short-term investments as well as any gross unrealized holding gains and losses as of December 31, 2023. Due to the nature of these assets and the short-term nature of the U.S. treasury notes being held to maturity, both these cash and cash equivalents and short-term investments fall under the Level 1 fair value hierarchy as referenced in Note 2.


	As of December 31, 2023
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value

Cash and cash equivalents	$	3,980	$	—	$	—	$	3,980
U.S. treasury notes (1)	5,000		—		—		5,000
Total cash, cash equivalents and short-term investments	$	8,980	$	—	$	—	$	8,980


	As of December 31, 2022
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value

Cash and cash equivalents	$	5,196	$	—	$	—	$	5,196
U.S. treasury notes (2)	4,880		3		(15)		4,868
Total cash, cash equivalents and short-term investments	$	10,076	$	3	$	(15)	$	10,064

(1) These U.S. treasury notes are classified as "held-to-maturity" as they were purchased in August 2023 and will mature in January 2024. Any coupon payments or accretion of discounts from these short-term investments fall under "Interest and other income (expense)" in the Company's Statement of Operations.

(2) These U.S. treasury notes were classified as "held-to-maturity" as they were purchased in December 2022 and matured in July 2023.

The Company did not hold any securities that were in an unrealized loss position for more than 12 months as of December 31, 2023 and 2022. The Company recognized $206 and zero in realized gains on short-term investments that matured within the years ended December 31, 2023 and 2022, respectively.