Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

The following table summarizes the Company’s cash equivalents and short-term investments (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	113,566	$	—	$	—	$	113,566
Certificates of deposit	401		—		—		401
Short-term investments:
U.S. treasury notes	17,428		—		(1)		17,427
Total	$	131,395	$	—	$	(1)	$	131,394


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	105,078	$	—	$	—	$	105,078
U.S. treasury notes	4,994		1		—		4,995

Certificates of deposit	401		—		—		401
Short-term investments:

U.S. treasury notes	42,089		2		(5)		42,086

Total	$	152,562	$	3	$	(5)	$	152,560

During the three months ended March 31, 2023 and March 31, 2022, other income, net in the statements of operations includes interest income on investments of $0.9 million and $0.3 million. During the three months ended March 31, 2023, other income, net in the statements of operations includes accretion of premiums and discounts on investments of $0.3 million. During the three months ended March 31, 2022, other income, net in the statements of operations includes amortization of premiums and discounts on investments of $0.2 million.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive income (loss) to other income in the statements of operations during the three months ended March 31, 2023 and 2022.

In the three months ended March 31, 2023 and 2022, there were no allowances for credit losses and all unrealized gains (losses) for available-for-sale securities were recognized in accumulated other comprehensive income (loss). As of March 31, 2023, the Company had no accrued interest receivables.