Quarterly report pursuant to Section 13 or 15(d)

Short-term Investments

Short-term Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

4. Short-term Investments

The Company classifies its short-term investments as available-for-sale. Short-term investments comprise highly liquid investments with minimum “A-” rated securities and as at quarter end consist of commercial paper and U.S. Treasury and Agency bonds with maturities of more than three months at the date of purchase. Short-term investments as of September 30, 2023 have a weighted average maturity of 0.2 years. The investments are reported at fair value with unrealized gains or losses recorded in the condensed consolidated statements of operations and comprehensive loss. Any differences between the amortized cost and fair value of investments are represented by unrealized gains or losses. The fair value of corporate bonds, commercial paper and U.S. Treasury and Agency bonds are represented by Level 2 fair value measurements - quoted price for a similar asset, or other observable inputs such as interest rates or yield curves.

The following table represents the Company’s available for sale short-term investments by major security type as of September 30, 2023 and December 31, 2022:


September 30, 2023										Maturity by period
	Amortized		Unrealized		Unrealized			Fair Value		Less than 1
Available-for-sale	Cost		Gains		(Losses)			Total		Year		1 to 5 Years
Commercial paper	$	4,736	$	—	$	(2	)	$	4,734	$	4,734	$	—
U.S. Treasury and Agency bonds		26,337		6		(1	)		26,342		26,342		—
Total	$	31,073	$	6	$	(3	)	$	31,076	$	31,076	$	—

December 31, 2022										Maturity by period
	Amortized		Unrealized		Unrealized			Fair Value		Less than 1
Available-for-sale	Cost		Gains		(Losses)			Total		Year		1 to 5 Years
Corporate bonds	$	7,836	$	—	$	(55	)	$	7,781	$	7,781	$
Commercial paper		15,230		2		—			15,232		15,232		—
U.S. Treasury bonds		16,996		—		(297	)		16,699		16,699		—
Total	$	40,062	$	2	$	(352	)	$	39,712	$	39,712	$