Short-Term Investments

3 Months Ended

Mar. 31, 2023

Investments Disclosure [Abstract]

SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

The Company may invest its excess cash in fixed income instruments denominated and payable in U.S. dollars, including U.S. treasury securities, commercial paper, corporate debt securities and asset-backed securities in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital.

The following table summarizes the Company’s short-term investments as of March 31, 2023 and December 31, 2022:

As of March 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Commercial paper	$	31,297	$	—	$	—		$	31,297
US Treasury securities		57,340		17		(155	)		57,202
Corporate debt securities		22,116		1		(45	)		22,072
Total	$	110,753	$	18	$	(200	)	$	110,571
As of December 31, 2022	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Commercial paper	$	57,138	$	—	$	—		$	57,138
US Treasury securities		65,160		—		(335	)		64,825
Corporate debt securities		19,146		—		(69	)		19,077
Total	$	141,444	$	—	$	(404	)	$	141,040

The Company utilizes the specific identification method in computing realized gains and losses. The Company had no realized gains and losses on its available-for-sale securities for the three months ended March 31, 2023 and 2022. The contractual maturity dates of all of the Company’s investments are less than one year.