Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Our short-term investments as of March 31, 2023 and December 31, 2022 consist of available-for-sale securities, such as U.S. Treasury securities, corporate bonds, commercial paper and asset-backed securities.

The following table summarizes our short-term investments:


	March 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in thousands)



Short-term investments:
Available-for-sale securities:
U.S. Treasury securities	$	3,014	$	—	$	(13)	$	3,001
Corporate bonds	8,584		—		(32)		8,552


Total short-term investments	$	11,598	$	—	$	(45)	$	11,553

	December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

	(in thousands)
Short-term investments:
Available-for-sale securities:
U.S. Treasury securities	$	6,013	$	—	$	(43)	$	5,970
Corporate bonds	19,887		—		(105)		19,782
Commercial paper	798		—		—		798
Asset-backed securities	565		—		(1)		564
Total short-term investments	$	27,263	$	—	$	(149)	$	27,114

The following table summarizes the fair value of our available-for-sale securities with unrealized losses aggregated by type of investment instrument and length of time those securities have been in a continuous unrealized loss position:


	March 31, 2023
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

	(in thousands)
As of March 31, 2023


U.S. Treasury securities	$	3,001	$	(13)	$	—	$	—	$	3,001	$	(13)
Corporate bonds	8,552		(32)		—		—		8,552		(32)


	$	11,553	$	(45)	$	—	$	—	$	11,553	$	(45)

	December 31, 2022
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses

	(in thousands)
As of December 31, 2022


U.S. Treasury securities	$	5,970	$	(43)	$	—	$	—	$	5,970	$	(43)
Corporate bonds	19,782		(105)		—		—		19,782		(105)
Asset-backed securities	564		(1)		—		—		564		(1)
	$	26,316	$	(149)	$	—	$	—	$	26,316	$	(149)

The following table summarizes the contractual underlying maturities of our available-for-sale securities:


	March 31, 2023
	Cost		Fair Value

	(in thousands)
Due in one year or less	$	11,598	$	11,553