Quarterly report pursuant to Section 13 or 15(d)

Short-term Investments

Short-term Investments

9 Months Ended

Sep. 30, 2024

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 corporate bonds, commercial paper and U.S. Treasury bonds with maturities of more than three months at the date of purchase. Short-term investments as of September 30, 2024 have a weighted average maturity of 0.08 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 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, 2024 and December 31, 2023:


September 30, 2024										Maturity by period
	Amortized		Unrealized		Unrealized			Fair Value		Less than 1
Available-for-sale	Cost		Gains		(Losses)			Total		Year		1 to 5 Years
U.S. Treasury bonds	$	1,095	$	1	$	—		$	1,096	$	1,096	$	—

December 31, 2023										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	$	1,179	$	1	$	—		$	1,180	$	1,180	$	—
Commercial paper		3,288		—		(1	)		3,287		3,287		—
U.S. Treasury bonds		13,391		3		(2	)		13,392		13,392		—
Total	$	17,858	$	4	$	(3	)	$	17,859	$	17,859	$	—

For the three and nine months ended September 30, 2024 and 2023, no allowance was recorded for credit losses. Unrealized gains and losses are reported as a component of accumulated other comprehensive income in shareholders’ deficit.