Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Note 3. Investments

Available-for-sale securities consisted of U.S. Treasury securities, U.S. Agency bonds, commercial paper, corporate debt securities and asset-backed securities.

Our cash equivalents consisted of the following (in thousands):

	June 30, 2023		December 31, 2022
Cash equivalents
Money market fund	$	92,645	$	32,426
U.S. government and government agencies		2,414		19,869
Commercial paper		—		2,997
Corporate debt securities		—		2,993
Total cash equivalents	$	95,059	$	58,285

Short-term investments are classified as available-for-sale, which reflects management’s intention to use proceeds from sales of these securities to fund our operations as necessary and, as such, are carried at fair value. Our short-term investments that are measured at fair value on a recurring basis consisted of the following:

		June 30, 2023
	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government and government agencies	Within one year	$	21,339	$	—	$	(25	)	$	21,314
Commercial paper	Within one year		25,794		4		(11	)		25,787
Asset-backed securities	After one year through five years		5,772		58		—			5,830
Total short-term investments		$	52,905	$	62	$	(36	)	$	52,931

		December 31, 2022
	Maturities	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term investments
U.S. government and government agencies	Within one year	$	75,409	$	15	$	(48	)	$	75,376
Commercial paper	Within one year		59,405		—		—			59,405
Asset-backed securities	Within one year		3,267		8		—			3,275
Total short-term investments		$	138,081	$	23	$	(48	)	$	138,056

The amortized cost and the fair value of short-term investments were $52.9 million at June 30, 2023 and $138.1 million at December 31, 2022. As of June 30, 2023, there were 10 short-term investments with fair value totaling $27.9 million that were in a gross unrealized loss position for less than 12 months, and none were in a gross unrealized loss position for 12 months or more. Based on our analysis of available-for-sale securities, we determined the unrealized losses were primarily due to changes in interest rates and not due to credit risks. As such, we did not record a credit allowance as of either June 30, 2023 or December 31, 2022. Accrued interest receivable on our available-for-sale securities was $0.3 million at each of June 30, 2023 and December 31, 2022. For the three and six months ended June 30, 2023 and 2022, we did not write off any accrued interest receivables and there were no realized gains or losses.