Available-for-sale Securities and Fair Value on Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Available-for-Sale Securities

The following is a summary of available-for-sale securities at March 31, 2024 (in thousands):

	March 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	8,051	$	—	$	—		$	—	$	8,051
United States government agency securities		19,658		—		(285	)		—		19,373
Corporate debt securities		29,728		—		(427	)		—		29,301
Mortgage-backed securities		3,294		3		(320	)		—		2,977
Total available-for-sale securities	$	60,731	$	3	$	(1,032	)	$	—	$	59,702

The following is a summary of available-for-sale securities at December 31, 2023 (in thousands):

	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	5,062	$	—	$	—		$	—	$	5,062
United States government agency securities		19,652		16		(314	)		—		19,354
Corporate debt securities		32,395		3		(638	)		—		31,760
Mortgage-backed securities		3,347		7		(263	)		—		3,091
Total available-for-sale securities	$	60,456	$	26	$	(1,215	)	$	—	$	59,267

Available-for-Sale Debt Securities by Original Contractual Maturity

Available-for-sale securities at March 31, 2024 and December 31, 2023, consisted of the following by contractual maturity (in thousands):

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	44,417	$	43,861	$	42,598	$	41,789
Greater than one year and less than five years		16,314		15,841		17,858		17,478
Total available-for-sale securities	$	60,731	$	59,702	$	60,456	$	59,267

Available-for-Sale Marketable Securities in Unrealized Position

The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	March 31, 2024
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	1,382	$	(11	)	$	26,351	$	(416	)	$	27,733	$	(427	)
United States government agency securities		8,316		(59	)		11,057		(226	)		19,373		(285	)
Mortgage-backed securities		234		(7	)		2,545		(313	)		2,779		(320	)
Total	$	9,932	$	(77	)	$	39,953	$	(955	)	$	49,885	$	(1,032	)

	December 31, 2023
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	1,466	$	(12	)	$	29,647	$	(626	)	$	31,113	$	(638	)
United States government agency securities		4,855		(25	)		10,991		(289	)		15,846		(314	)
Mortgage-backed securities		242		(1	)		2,647		(262	)		2,889		(263	)
Total	$	6,563	$	(38	)	$	43,285	$	(1,177	)	$	49,848	$	(1,215	)

Fair Values of Financial Assets and Liabilities

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at March 31, 2024 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	8,051	$	8,051	$	—	$	—
United States government agency securities	Short-term investments		19,373		—		19,373		—
Corporate debt securities	Short-term investments		29,301		—		29,301		—
Mortgage-backed securities	Short-term investments		2,977		—		2,977		—
Total short-term investments		$	59,702	$	8,051	$	51,651	$	—

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2023 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	5,062	$	5,062	$	—	$	—
United States government agency securities	Short-term investments		19,354		—		19,354		—
Corporate debt securities	Short-term investments		31,760		—		31,760		—
Mortgage-backed securities	Short-term investments		3,091		—		3,091		—
Total short-term investments		$	59,267	$	5,062	$	54,205	$	—