Financial Instruments

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Financial Instruments

3. Financial Instruments

The following table summarizes the Company’s cash and held to maturity securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents, restricted cash and investments as of December 31, 2023 and 2022:

	December 31, 2023
	Valuation								Balance Sheet Classification
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Restricted Cash- current		Short-term Investments		Restricted Cash
Cash	$	2,122	$	-	$	-	$	2,122	$	2,122	$	-	$	-	$	-
Level 2
Money market funds		18,440		-		-		18,440		17,696		525		-		219
US treasury securities		-		-		-		-		-		-		-		-
Corporate debt securities		-		-		-		-		-		-		-		-
Subtotal		18,440		-		-		18,440		17,696		525		-		219
Total assets measured at fair value	$	20,562	$	-	$	-	$	20,562	$	19,818	$	525	$	-	$	219

	December 31, 2022
	Valuation									Balance Sheet Classification
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash and Cash Equivalents		Restricted Cash- current		Short-term Investments		Restricted Cash
Cash	$	3,258	$	-	$	-		$	3,258	$	3,258	$	-	$	-	$	-
Level 2
Money market funds		1,615		-		-			1,615		346		525		-		744
US treasury securities		14,833		2		(2	)		14,833		4,982		-		9,851		-
Corporate debt securities		9,993		-		(6	)		9,987		-		-		9,993		-
Subtotal		26,441		2		(8)			26,435		5,328		525		19,844		744
Total assets measured at fair value	$	29,699	$	2	$	(8	)	$	29,693	$	8,586	$	525	$	19,844	$	744

Interest income recorded for these cash and investments was $1.1 million and $0.5 million during the years ended December 31, 2023, and December 31, 2022, respectively.

As of December 31, 2023 and 2022, the Company did not have any financial assets classified as Level 1 or Level 3 nor did the Company have financial liabilities valued at fair value on a recurring basis.