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Investments
 3 Months Ended
Mar. 31, 2024
Cash and Cash Equivalents [Abstract]  
Investments Investments
Cash equivalents, marketable securities and deposits are classified as available-for-sale and are, therefore, recorded at fair value on the condensed consolidated balance sheets, with any unrealized gains and losses reported in accumulated other comprehensive loss, which is reflected as a separate component of stockholders’ equity on the Company’s condensed consolidated balance sheets, until realized. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
The amortized cost and fair value of investments are as follows (in thousands):
March 31, 2024
Amortized costGross unrealized gainsGross unrealized lossesFair market value
Assets
Money market funds$1,513 $— $— $1,513 
U.S. treasuries114,679 — (46)114,633 
Total$116,192 $— $(46)$116,146 
Classified as:
Cash equivalents$13,434 
Short-term investments102,712 
Total$116,146 
December 31, 2023
Amortized costGross unrealized gainsGross unrealized lossesFair market value
Assets
Money market funds$1,158 $— $— $1,158 
U.S. treasuries39,332 2 — 39,334 
Total$40,490 $2 $— $40,492 
Classified as:
Cash equivalents$15,195 
Short-term investments25,297 
Total$40,492 
Investments held as of March 31, 2024 have a remaining maturity of less than one year. Proceeds from maturities of available for sale securities were $34.6 million and $42.0 million for the three months ended March 31, 2024 and 2023, respectively. Unrealized gains and losses on securities were primarily due to changes in interest rates.
The Company holds a non-marketable equity investment with a carrying value of $1.2 million which is classified as other long-term assets on the condensed consolidated balance sheets.