Short-Term Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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.