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Cash, Cash Equivalents and Investments
 6 Months Ended
Jun. 30, 2023
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments CASH, CASH EQUIVALENTS AND INVESTMENTS
Securities classified as cash, cash equivalents and short-term investments as of June 30, 2023 and December 31, 2022 are summarized below (in thousands):
June 30, 2023
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Cash$1,400 $— $— $1,400 
Money market funds28,658 — — 28,658 
Total cash and cash equivalents30,058 — — 30,058 
Short-term investments:
Commercial paper$61,772 $1 $(168)$61,605 
U.S. government-sponsored agency bonds28,045 20 (44)28,021 
Asset backed securities7,914 — (19)7,895 
Total short-term investments97,731 21 (231)97,521 
Total cash, cash equivalents and investments$127,789 $21 $(231)$127,579 
December 31, 2022
Gross Unrealized
Amortized CostGainsLossesFair Value
Cash and cash equivalents:
Cash$11,827 $— $— $11,827 
Money market funds84,313 — — 84,313 
Total cash and cash equivalents96,140 — — 96,140 
Short-term investments
Commercial paper$25,336 $6 $(51)$25,291 
Corporate bonds1,000 — (1)999 
U.S. government-sponsored agency bonds1,487 — (8)1,479 
Total short-term investments27,823 6 (60)27,769 
Total cash, cash equivalents and investments$123,963 $6 $(60)$123,909 
Cash equivalents consist of money market funds with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable approximation of fair value. We invest our cash in high quality securities of financial and commercial institutions. These securities are carried at fair value, which is based on readily available market information, with unrealized gains and losses included in accumulated other comprehensive loss within stockholders’ equity on our condensed balance sheets. We use the specific identification method to determine the amount of realized gains or losses on sales of marketable securities. Realized gains or losses have been insignificant and are included in other income, net, in the statement of operations and comprehensive loss.
All of the short-term available-for sale securities held as of June 30, 2023 and December 31, 2022 had contractual maturities of less than one year. Our available-for-sale securities are subject to a periodic impairment review. We consider a debt security to be impaired when its fair value is less than its carrying cost, in which case we would further review the investment to determine whether it is other-than-temporarily impaired. When we evaluate an investment for other-than-temporary impairment, we review factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, intent to sell, and whether it is more likely than not we will be required to sell the investment before the recovery of its cost basis. If an investment is other-than-temporarily impaired or subject to credit losses, we write it down through the statement of operations and comprehensive loss to its fair value and establish that value as a new cost basis for the investment. Our unrealized losses as of June 30, 2023 and December 31, 2022 were not material. We determined that none of our available-for-sale securities were other-than-temporarily impaired as of June 30, 2023 and December 31, 2022, and no investment was in a continuous unrealized loss position for more than one year. As such, we believe that it is more likely than not that the investments will be held until maturity or a forecasted recovery of fair value.