Short-term Investments

12 Months Ended

Dec. 31, 2022

Short-Term Investments [Abstract]

Short-term Investments

4. Short-term Investments

The fair value of available-for-sale investments by type of security was as follows:

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Investments:
U.S. treasury bills	$	2,966	$	—	$	—		$	2,966
Corporate Bonds and U.S. Government Agency Securities		62,368		14		(4	)		62,378
Total investments	$	65,334	$	14	$	(4	)	$	65,344

The Company held four debt securities that were in an unrealized loss position as of December 31, 2022. The aggregated fair value of debt securities in an unrealized loss position was $3.9 million. As of December 31, 2022, the Company did not hold debt securities in a continuous unrealized loss position for more than 12 months.

The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the consolidated statements of operations if we have the intent to sell the investment or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with our investment policy, the severity and the duration of the impairment, and changes in value subsequent to the end of the period. The unrealized losses at December 31, 2022 are attributable to changes in interest rates, and we do not believe any unrealized losses represent other-than-temporary impairments.

As of December 31, 2021, the Company had no short-term investments.