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Investments
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

3. Investments

The following table summarizes the investments at June 30, 2024 (in thousands):

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

As of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Maturities < 1 Year

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

44,527

 

 

$

6

 

 

$

(47

)

 

$

44,486

 

Agency bonds

 

 

2,517

 

 

 

—

 

 

 

(2

)

 

 

2,515

 

Total short-term investments

 

$

47,044

 

 

$

6

 

 

$

(49

)

 

$

47,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturities > 1 Year

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

10,657

 

 

$

10

 

 

$

(23

)

 

$

10,644

 

Total investments

 

$

10,657

 

 

$

10

 

 

$

(23

)

 

$

10,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2024 and December 31, 2023, the fair value of the corporate and agency bonds totals $57.6 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.