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Investments | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | 3. Investments The following table summarizes the investments at March 31, 2024 (in thousands):
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
As of March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Maturities < 1 Year |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 42,248 |  |  | $ | 17 |  |  | $ | (34 | ) |  | $ | 42,231 |
Agency bonds |  |  | 2,514 |  |  |  | — |  |  |  | (2 | ) |  |  | 2,512 |
Total short-term investments |  | $ | 44,762 |  |  | $ | 17 |  |  | $ | (36 | ) |  | $ | 44,743 |
Maturities > 1 Year |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 13,943 |  |  | $ | 33 |  |  | $ | (17 | ) |  | $ | 13,959 |
Total investments |  | $ | 13,943 |  |  | $ | 33 |  |  | $ | (17 | ) |  | $ | 13,959 |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Maturities < 1 Year |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 35,286 |  |  | $ | 25 |  |  | $ | (13 | ) |  | $ | 35,298 |
Agency bonds |  |  | 5,026 |  |  |  | 6 |  |  |  | — |  |  |  | 5,032 |
Total short-term investments |  | $ | 40,312 |  |  | $ | 31 |  |  | $ | (13 | ) |  | $ | 40,330 |
Maturities > 1 Year |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 23,594 |  |  | $ | 143 |  |  | $ | (9 | ) |  | $ | 23,728 |
Total investments |  | $ | 23,594 |  |  | $ | 143 |  |  | $ | (9 | ) |  | $ | 23,728 |
The Company carries investments at amortized cost. As of March 31, 2024 and December 31, 2023, the fair value of the corporate and agency bonds totals $58.7 million and $64.1 million, respectively, which 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 corporate and agency bonds as of the balance sheet dates 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.

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