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Short-Term Investments
 6 Months Ended
Jun. 30, 2023
Cash and Cash Equivalents [Abstract]  
Short-Term Investments

Note 4. Short-Term Investments

 

The following table summarizes short-term investments:

 

 

 

As of June 30, 2023

 

 

 

 

 

 

Unrealized

 

 

 

 

(in thousands)

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Estimated Fair Value

 

Commercial paper

 

$

25,689

 

 

$

—

 

 

$

(17

)

 

$

25,672

 

Corporate debt securities

 

 

9,214

 

 

 

—

 

 

 

(135

)

 

 

9,079

 

Government and agency securities

 

 

8,932

 

 

 

—

 

 

 

(140

)

 

 

8,792

 

  Total short-term investments

 

$

43,835

 

 

$

—

 

 

$

(292

)

 

$

43,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

 

 

 

Unrealized

 

 

 

 

(in thousands)

 

Amortized Cost

 

 

Gains

 

 

Losses

 

 

Estimated Fair Value

 

Commercial paper

 

$

18,453

 

 

$

—

 

 

$

(15

)

 

$

18,438

 

Corporate debt securities

 

 

20,090

 

 

 

—

 

 

 

(353

)

 

 

19,737

 

Government and agency securities

 

 

18,963

 

 

 

1

 

 

 

(325

)

 

 

18,639

 

  Total short-term investments

 

$

57,506

 

 

$

1

 

 

$

(693

)

 

$

56,814

 

 

The following table summarizes the maturities of the Company's short-term investments at June 30, 2023:

 

(in thousands)

 

 

 

 

 

Amortized Cost

 

 

Estimated Fair Value

 

Due in one year or less

 

 

 

 

 

$

43,835

 

 

$

43,543

 

  Total short-term investments

 

 

 

 

 

$

43,835

 

 

$

43,543

 

 

The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2023 and December 31, 2022:

 

 

 

As of June 30, 2023

 

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

(in thousands)

 

Count

 

Fair Value

 

Unrealized Losses

 

 

Count

 

Fair Value

 

Unrealized Losses

 

 

Count

 

Fair Value

 

Unrealized Losses

 

Commercial paper

 

 

11

 

$

24,926

 

$

(17

)

 

 

—

 

$

—

 

$

—

 

 

 

11

 

$

24,926

 

$

(17

)

Corporate debt securities

 

 

1

 

 

2,427

 

 

(1

)

 

 

5

 

 

6,653

 

 

(134

)

 

 

6

 

 

9,080

 

 

(135

)

Government and agency securities

 

 

2

 

 

2,982

 

 

(1

)

 

 

3

 

 

4,322

 

 

(139

)

 

 

5

 

 

7,304

 

 

(140

)

 

 

 

14

 

$

30,335

 

$

(19

)

 

 

8

 

$

10,975

 

$

(273

)

 

 

22

 

$

41,310

 

$

(292

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

(in thousands)

 

Count

 

Fair Value

 

Unrealized Losses

 

 

Count

 

Fair Value

 

Unrealized Losses

 

 

Count

 

Fair Value

 

Unrealized Losses

 

Commercial paper

 

 

8

 

$

7,934

 

$

(15

)

 

 

—

 

$

—

 

$

—

 

 

 

8

 

$

7,934

 

$

(15

)

Corporate debt securities

 

 

7

 

 

7,626

 

 

(43

)

 

 

9

 

 

12,111

 

 

(310

)

 

 

16

 

 

19,737

 

 

(353

)

Government and agency securities

 

 

3

 

 

4,511

 

 

(37

)

 

 

6

 

 

10,653

 

 

(288

)

 

 

9

 

 

15,164

 

 

(325

)

 

 

 

18

 

$

20,071

 

$

(95

)

 

 

15

 

$

22,764

 

$

(598

)

 

 

33

 

$

42,835

 

$

(693

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates caused by changing economic conditions, and not from a decline in credit of their underlying issuers. The Company does not generally intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. As such, the Company has classified these losses as temporary in nature.