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Short-Term Investments | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Short-Term Investments | 5. Short-Term Investments The Company classified short-term investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies. The following tables summarize short-term investments as of March 31, 2024 and December 31, 2023:
|  | As of March 31, 2024
|  |  |  | Unrealized |  |
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Estimated Fair Value
Government and agency securities |  | $ | 48,115 |  |  | $ | 7 |  |  | $ | (22) |  |  | $ | 48,100 |
Asset backed securities |  | 1,850 |  |  | — |  |  | (3) |  |  | 1,847 |
Total short-term investments |  | $ | 49,965 |  |  | $ | 7 |  |  | $ | (25) |  |  | $ | 49,947 |
|  | As of December 31, 2023
|  |  |  | Unrealized |  |
(in thousands) |  | Amortized Cost |  | Gains |  | Losses |  | Estimated Fair Value
Government and agency securities |  | $ | 68,054 |  |  | $ | 57 |  |  | $ | (4) |  |  | $ | 68,107 |
Asset-backed securities |  | 2,522 |  |  | — |  |  | (4) |  |  | 2,518 |
Total short-term investments |  | $ | 70,576 |  |  | $ | 57 |  |  | $ | (8) |  |  | $ | 70,625 |
The Company classified all investments with maturity dates beyond three months at the date of purchase as short-term investments in the condensed consolidated balance sheets based upon its ability and intent to use the investments to satisfy the liquidity needs of current operations. The following table summarizes available-for-sale investments by maturity as of March 31, 2024:
(in thousands) |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 49,965 |  |  | $ | 49,947 |
Due after one year |  | — |  |  | — |
Total short-term investments |  | $ | 49,965 |  |  | $ | 49,947 |
The following tables summarize the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, as of March 31, 2024 and December 31, 2023:
|  | As of March 31, 2024
|  | Less than 12 months |  | More than 12 months |  | Total
(in thousands) |  | Count |  | Fair Value |  | Unrealized Losses |  | Count |  | Fair Value |  | Unrealized Losses |  | Count |  | Fair Value |  | Unrealized Losses
Government and agency securities |  | 14 |  |  | $ | 29,339 |  |  | $ | (21) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 14 |  |  | $ | 29,339 |  |  | $ | (21) |
Asset backed securities |  | 3 |  |  | 1,848 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 1,848 |  |  | (3) |
|  | 17 |  |  | $ | 31,187 |  |  | $ | (24) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 17 |  |  | $ | 31,187 |  |  | $ | (24) |
|  | As of December 31, 2023
|  | Less than 12 months |  | More than 12 months |  | Total
(in thousands) |  | Count |  | Fair Value |  | Unrealized Losses |  | Count |  | Fair Value |  | Unrealized Losses |  | Count |  | Fair Value |  | Unrealized Losses
Government and agency securities |  | 5 |  |  | $ | 10,402 |  |  | $ | (4) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 5 |  |  | $ | 10,402 |  |  | $ | (4) |
Asset backed securities |  | 3 |  |  | 2,518 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 2,518 |  |  | (4) |
|  | 8 |  |  | $ | 12,920 |  |  | $ | (8) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 8 |  |  | $ | 12,920 |  |  | $ | (8) |
The Company had certain available-for-sale debt securities in an unrealized loss position without an allowance for credit loss as of March 31, 2024. Unrealized losses on these debt securities have not been recognized into income because (1) the issuers have high credit quality, (2) management does not intend to sell and it is likely that management will not be required to sell these securities prior to their anticipated recovery and (3) the decline in fair value is largely due to market conditions and/or changes in interest rates. The issuers continue to make timely interest payments on the securities, and the fair value is expected to recover as the bonds approach maturity.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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- References No definition available. + Details
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