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Investments
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments

3. Investments

The following table summarizes the investments at June 30, 2023 (in thousands):

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

As of June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Maturities < 1 Year

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

25,336

 

 

$

3

 

 

$

(4

)

 

$

25,335

 

Corporate bonds

 

 

2,301

 

 

 

—

 

 

 

(4

)

 

 

2,297

 

Total short-term investments

 

$

27,637

 

 

$

3

 

 

$

(8

)

 

$

27,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturities > 1 Year

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

6,336

 

 

$

—

 

 

$

(15

)

 

$

6,321

 

Total investments

 

$

6,336

 

 

$

—

 

 

$

(15

)

 

$

6,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Maturities < 1 Year

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

27,689

 

 

$

—

 

 

$

(160

)

 

$

27,529

 

Total short-term investments

 

$

27,689

 

 

$

—

 

 

$

(160

)

 

$

27,529

 
The Company carries investments at amortized cost. The fair value of the U.S. government securities investments is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The fair value of the corporate bonds is determined based on "Level 2" inputs, which consist of quoted prices for similar assets in active markets. The Company has evaluated the unrealized loss position in the U.S. government securities and corporate bonds as of the balance sheet date and did not consider it to be indicative of an other-than-temporary impairment as the securities are highly-rated and the Company expects to realize the full principal amount at maturity