Short-Term Investments

3 Months Ended

Mar. 31, 2024

Investments Disclosure Abstract

Short-Term Investments

4. 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, 2024 (in thousands):

As of March 31, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
US Treasury securities	$	19,808	$	—	$	(5	)	$	19,803
Total	$	19,808	$	—	$	(5	)	$	19,803

The Company did not have any short-term investments as of December 31, 2023.

The Company utilizes the specific identification method in computing realized gains and losses. Unrealized holding gains or losses for the period that have been included in accumulated other comprehensive income, as well as gains and losses reclassified out of accumulated other comprehensive income into other income, net, were not material to the Company’s unaudited condensed consolidated statements of operations. The Company had no realized gains and losses on its available-for-sale securities for the three months ended March 31, 2024. The contractual maturity dates of all of the Company’s investments are less than one year.