UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-39988

Bolt Biotherapeutics, Inc.

(Exact name of Registrant as specified in its Charter)

Delaware	47-2804636
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
900 Chesapeake Drive Redwood City, CA	94063
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 665-9295

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value	BOLT	The Nasdaq Global Select Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 7, 2024, the registrant had 38,264,843 shares of common stock outstanding.

Table of Contents

		Page
PART I FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Condensed Balance Sheets as of June 30, 2024 and December 31, 2023	1
	Condensed Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2024 and 2023	2
	Condensed Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2024 and 2023	3
	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023	5
	Notes to the Condensed Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults Upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	30
Item 6.	Exhibits	31
	Signatures	32

i

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BOLT BIOTHERAPEUTICS, INC.

CONDENSED BALANCE SHEETS

(Unaudited, in thousands, except share and per share amounts)

	June 30,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	6,202		$	10,810
Short-term investments		67,495			91,379
Prepaid expenses and other current assets		2,934			3,519
Total current assets		76,631			105,708
Property and equipment, net		4,079			4,957
Operating lease right-of-use assets		17,559			19,120
Restricted cash		1,765			1,765
Long-term investments		23,834			26,413
Other assets		308			1,821
Total assets	$	124,176		$	159,784
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	2,627		$	2,987
Accrued expenses and other current liabilities		10,254			12,486
Deferred revenue		2,024			2,201
Operating lease liabilities		2,995			2,782
Total current liabilities		17,900			20,456
Operating lease liabilities, net of current portion		15,896			17,437
Deferred revenue, non-current		4,520			9,107
Other long-term liabilities		—			43
Total liabilities		38,316			47,043
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.00001 par value, authorized shares—10,000,000 shares authorized at June 30, 2024 and December 31, 2023; zero shares issued and outstanding at June 30, 2024 and December 31, 2023		—			—
Common stock, $0.00001 par value; 200,000,000 shares authorized at June 30, 2024 and December 31, 2023; 38,264,843 and 38,114,606 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		1			1
Additional paid-in capital		482,194			476,988
Accumulated other comprehensive (loss) gain		(44	)		37
Accumulated deficit		(396,291	)		(364,285	)
Total stockholders' equity:		85,860			112,741
Total liabilities and stockholders' equity	$	124,176		$	159,784

The accompanying notes are an integral part of these unaudited condensed financial statements.

1

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited, in thousands, except share and per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Collaboration revenue	$	1,275		$	1,433		$	6,549		$	3,259
Operating expenses:
Research and development		15,433			15,644			31,962			30,269
General and administrative		4,874			5,621			10,711			11,237
Restructuring charges		3,565			—			3,565			—
Total operating expense		23,872			21,265			46,238			41,506
Loss from operations		(22,597	)		(19,832	)		(39,689	)		(38,247	)
Other income, net
Interest income, net		1,402			1,775			3,008			3,210
Other income		—			—			4,675			—
Total other income, net		1,402			1,775			7,683			3,210
Net loss		(21,195	)		(18,057	)		(32,006	)		(35,037	)
Net unrealized (loss) gain on marketable securities		(8	)		6			(81	)		690
Comprehensive loss	$	(21,203	)	$	(18,051	)	$	(32,087	)	$	(34,347	)
Net loss per share, basic and diluted	$	(0.56	)	$	(0.48	)	$	(0.84	)	$	(0.93	)
Weighted-average shares outstanding, basic and diluted		38,128,344			37,750,393			38,098,383			37,717,391

The accompanying notes are an integral part of these unaudited condensed financial statements.

2

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except share amounts)

	Three Months Ended June 30, 2024
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at March 31, 2024		38,127,740	$	1	$	479,290	$	(36	)	$	(375,096	)	$	104,159
Vesting of restricted stock units		12,512		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		124,591		—		79		—			—			79
Stock-based compensation		—		—		2,825		—			—			2,825
Unrealized loss on available-for-sale investments		—		—		—		(8	)		—			(8	)
Net loss		—		—		—		—			(21,195	)		(21,195	)
Balance at June 30, 2024		38,264,843	$	1	$	482,194	$	(44	)	$	(396,291	)	$	85,860
	Three Months Ended June 30, 2023
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at March 31, 2023		37,813,037	$	—	$	469,989	$	(235	)	$	(312,068	)	$	157,686
Vesting of restricted stock units		14,882		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		118,566		1		140		—			—			141
Issuance of common stock upon exercise of stock options		4,501		—		6		—			—			6
Stock-based compensation		—		—		2,350		—			—			2,350
Unrealized gain on available-for-sale investments		—		—		—		6			—			6
Net loss		—		—		—		—			(18,057	)		(18,057	)
Balance at June 30, 2023		37,950,986	$	1	$	472,485	$	(229	)	$	(330,125	)	$	142,132

The accompanying notes are an integral part of these unaudited condensed financial statements.

3

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands, except share amounts)

	Six Months Ended June 30, 2024
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2023		38,114,606	$	1	$	476,988	$	37		$	(364,285	)	$	112,741
Vesting of restricted stock units		25,646		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		124,591		—		79		—			—			79
Stock-based compensation		—		—		5,127		—			—			5,127
Unrealized gain on available-for-sale investments		—		—		—		(81	)		—			(81	)
Net loss		—		—		—		—			(32,006	)		(32,006	)
Balance at June 30, 2024		38,264,843	$	1	$	482,194	$	(44	)	$	(396,291	)	$	85,860
	Six Months Ended June 30, 2023
							Accumulated
					Additional		Other						Total
	Common				Paid-In		Comprehensive			Accumulated			Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance at December 31, 2022		37,797,902	$	—	$	467,513	$	(919	)	$	(295,088	)	$	171,506
Vesting of restricted stock units		30,017		—		—		—			—			—
Issuance of common stock under employee stock purchase plan		118,566		1		140		—			—			141
Issuance of common stock upon exercise of stock options		4,501		—		6		—			—			6
Stock-based compensation		—		—		4,826		—			—			4,826
Unrealized loss on available-for-sale investments		—		—		—		690			—			690
Net loss		—		—		—		—			(35,037	)		(35,037	)
Balance at June 30, 2023		37,950,986	$	1	$	472,485	$	(229	)	$	(330,125	)	$	142,132

The accompanying notes are an integral part of these unaudited condensed financial statements.

4

BOLT BIOTHERAPEUTICS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

	Six Months Ended June 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(32,006	)	$	(35,037	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		915			925
Stock-based compensation expense		5,127			4,826
Accretion of discount on marketable securities		(1,824	)		(1,964	)
Non-cash lease expense		1,561			1,450
Changes in operating assets and liabilities:
Prepaid expenses and other assets		2,098			(928	)
Accounts payable and accrued expenses		(2,629	)		(5,428	)
Operating lease liabilities		(1,328	)		(1,139	)
Deferred revenue		(4,764	)		(1,217	)
Other long-term liabilities		(43	)		1
Net cash used in operating activities		(32,893	)		(38,511	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		—			(35	)
Purchases of marketable securities		(55,283	)		(96,524	)
Maturities of marketable securities		83,489			139,130
Net cash provided by investing activities		28,206			42,571
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		79			147
Net cash provided by financing activities		79			147
Net (decrease) increase in cash		(4,608	)		4,207
Cash, cash equivalents and restricted cash at beginning of year		12,575			10,809
Cash, cash equivalents and restricted cash at end of period	$	7,967		$	15,016
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	6,202		$	13,451
Restricted cash		1,765			1,565
Total cash, cash equivalents and restricted cash	$	7,967		$	15,016
Supplemental schedule of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	$	37		$	46
Deferred offering costs in accounts payable and accrued liabilities	$	102		$	102

The accompanying notes are an integral part of these unaudited condensed financial statements.

5

BOLT BIOTHERAPEUTICS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

1. Description of the Business

Bolt Biotherapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing novel immunotherapies for the treatment of cancer. The Company’s pipeline candidates are built on the Company’s deep expertise in myeloid biology and cancer drug development, uniting the targeting precision of antibodies with the power of the innate and adaptive immune system to reprogram the tumor microenvironment for a productive anti-cancer response.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments, which are normal in nature, that the Company believes are necessary to a fair statement of the Company’s financial position and the results of its operations and cash flows. The balance sheet as of December 31, 2023 was derived from the audited financial statements as of that date. These interim financial results are not necessarily indicative of results to be expected for the full year or any other period. These unaudited condensed financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Risks and Uncertainties

The Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its product candidates, ability to raise additional capital, development of new technological innovations by its competitors, delay or inability to obtain chemical or biological intermediates from such suppliers required for the synthesis of the Company’s product candidates, protection of intellectual property rights, litigation or claims against the Company based on intellectual property rights, and regulatory clearance and market acceptance of the Company’s products.

Global economic and business activities continue to face widespread macroeconomic uncertainties, including pandemics, labor shortages, inflation and monetary supply shifts, recession risks and potential disruptions from major geopolitical conflicts. The Company continues to actively monitor the impact of these macroeconomic factors on its financial condition, liquidity, operations, and workforce. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact the Company’s business.

The Company relies on single source manufacturers and suppliers for the supply of its product candidates. Disruption from these manufacturers or suppliers would have a negative impact on the Company’s business, financial position, and results of operations.

6

Liquidity

The Company has incurred net losses and negative cash flows from operations since its inception and anticipates continuing to incur net losses for the foreseeable future. As of June 30, 2024, the Company had cash and cash equivalents and marketable securities of $97.5 million and an accumulated deficit of $396.3 million. Based upon the Company's current operating plans, the Company believes that its existing cash, cash equivalents and marketable securities will be sufficient to fund its operations for at least the next 12 months following the issuance date of this Quarterly Report on Form 10-Q. The Company will need to raise additional capital to continue the advancement of its programs. In the near term, the Company's primary uses of cash will be to fund the completion of key milestones for clinical programs and to fund its operations, including research and development activities and employee salaries. This includes significant costs relating to clinical trials and manufacture of the Company's product candidates. The Company's uses of cash in the long term will be similar as the Company advances its research and development activities and pays employee salaries. Most pharmaceutical products require larger clinical trials as development progresses, and the Company expects its funding requirements to grow with the advancement of its programs. The Company's long-term funding requirements will depend on many factors, which are uncertain but include its portfolio prioritization decisions and the success of its collaborations. In turn, the Company's ability to raise additional capital through equity or partnering will depend on the general economic environment in which it operates and its ability to achieve key milestones.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue recognition, stock-based compensation, restructuring costs, long-lived assets impairment assessment, and accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.

Restructuring Charges

Restructuring charges consist primarily of employee severance, contract termination costs and other costs. Liabilities for costs associated with a restructuring activity are recognized when the liability is incurred and are measured at fair value. For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits. One-time termination benefits include severance, continuation of health insurance coverage for certain employees, and other company funded benefits.

Long-lived Assets Impairment Assessment

Long-lived assets, including operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset group to future net cash flows estimated by the Company to be generated by such assets. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. During the three months ended June 30, 2024, the Company performed an evaluation of the impact of the May 2024 announcement and restructuring plan on the carrying value of its long-lived assets and concluded that there was no impairment charge to be recognized on the long-lived assets.

Allowance for Credit Losses

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that the Company will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income (loss) on the statements of operations and comprehensive loss.

7

The Company elected the practical expedient to exclude the applicable accrued interest from both the fair value and amortized costs basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable on available-for-sale securities is recorded within cash and cash equivalents on the Company's condensed balance sheets. The Company's accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which the Company considers to be in the period in which it determines the accrued interest will not be collected by the Company.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents and marketable securities. As of June 30, 2024 and December 31, 2023, most of the Company’s funds were invested with a registered investment manager and custodied at one financial institution, with operating cash kept at a separate financial institution, and account balances may at times exceed federally insured limits. Management believes that the Company is not subject to unusual or significant credit risk beyond the normal credit risk associated with commercial banking relationships.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, convertible preferred stock, stock options, common stock subject to repurchase related to unvested restricted stock awards and early exercise of stock options are considered potentially dilutive securities. Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods presented as potentially dilutive securities were anti-dilutive.

Recent Accounting Standards

From time to time, new accounting standards are issued by the Financial Accounting Standards Board (the “FASB”), or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires entities to disclose incremental segment information on an annual and interim basis. ASU 2023-07 requires entities with a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Segment Reporting (Topic 280). ASU 2023-07 is effective for annual periods beginning on January 1, 2024, and interim periods beginning on January 1, 2025. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning on January 1, 2025 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures.

3. Fair Value Measurements and Fair Value of Financial Instruments

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Quoted prices in active markets for identical assets or liabilities.

8

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

During the three and six months ended June 30, 2024, financial assets measured on a recurring basis consist of cash invested in money market accounts, short-term investments, and long-term investments. The fair value of short- and long-term investments is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers.

There were no transfers within the hierarchy during the three and six months ended June 30, 2024 or 2023.

Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Asset-backed securities	$	24,982	$	3	$	(12	)	$	24,973
U.S. treasury securities		25,730		—		(13	)		25,717
Other government agency securities		6,481		—		(11	)		6,470
Commercial paper		7,986		—		(5	)		7,981
Corporate debt securities		29,157		9		(15	)		29,151
Total	$	94,336	$	12	$	(56	)	$	94,292

	December 31, 2023
	Amortized		Unrealized		Unrealized			Estimated
	Cost		Gains		Losses			Fair Value
Asset-backed securities	$	17,347	$	10	$	(15	)	$	17,342
U.S. treasury securities		43,924		34		(11	)		43,947
Other government agency securities		13,371		—		(15	)		13,356
Commercial paper		20,351		4		(10	)		20,345
Corporate debt securities		22,763		41		(2	)		22,802
Total	$	117,756	$	89	$	(53	)	$	117,792

As of June 30, 2024, the unrealized losses for available-for-sale investments were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost bases of the investments. The Company does not currently intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at the time of maturity. As of June 30, 2024, no allowance for credit losses was recorded and the Company did not recognize any impairment losses related to investments.

9

The tables below show the gross unrealized losses and fair value of the Company's available-for-sale securities with unrealized losses that are not deemed to have credit losses (in thousands), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023, respectively:

	June 30, 2024
	Less Than 12 Months					More Than 12 Months					Total
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Asset-backed securities	$	6,485	$	(2	)	$	18,488	$	(10	)	$	24,973	$	(12	)
U.S. treasury securities		14,839		(6	)		10,878		(7	)		25,717		(13	)
Other government agency securities		—		—			6,470		(11	)		6,470		(11	)
Commercial paper		7,981		(5	)		—		—			7,981		(5	)
Corporate debt securities		18,816		(8	)		10,335		(7	)		29,151		(15	)
Total	$	48,121	$	(21	)	$	46,171	$	(35	)	$	94,292	$	(56	)

	December 31, 2023
	Less Than 12 Months					More Than 12 Months					Total
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Asset-backed securities	$	4,686	$	—		$	12,656	$	(15	)	$	17,342	$	(15	)
U.S. treasury securities		34,104		—			9,843		(11	)		43,947		(11	)
Other government agency securities		2,477		(1	)		10,879		(14	)		13,356		(15	)
Commercial paper		20,345		(10	)		—		—			20,345		(10	)
Corporate debt securities		9,566		(1	)		13,236		(1	)		22,802		(2	)
Total	$	71,178	$	(12	)	$	46,614	$	(41	)	$	117,792	$	(53	)

Accrued interest receivable on available-for-sale securities were $0.4 million and $0.3 million at June 30, 2024 and December 31, 2023, respectively, which are recorded in cash and cash equivalents line item on the Company's condensed balance sheets. The Company has not written off any accrued interest receivables for the three and six months ended June 30, 2024.

As of June 30, 2024 and December 31, 2023, the fair values of the Company’s assets, which are measured at fair value on a recurring basis, were determined using the following inputs (in thousands):

	June 30, 2024
	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	$	1,990	$	1,990	$	—	$	—
Asset-backed securities		24,973		—		24,973		—
U.S. treasury securities		25,717		6,422		19,295		—
Other government agency securities		6,470		—		6,470		—
Commercial paper		7,981		—		7,981