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Short-Term Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Short-Term Investments | 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 |
Summary of Available-for-Sale Investments by Maturity | 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 |
Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position | 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) |

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