Annual report pursuant to Section 13 and 15(d)

SHORT-TERM INVESTMENTS

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SHORT-TERM INVESTMENTS
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
SHORT-TERM INVESTMENTS

NOTE 2 – SHORT-TERM INVESTMENTS

 

The following table provides a summary of the short-term investments (in thousands):

 

    December 31, 2022  
    Amortized Cost     Gross Unrealized Gain     Gross Unrealized Loss     Fair Value  
                         
Available-for-sale, short-term investments:                                
U.S. treasury and federal agency securities   $ 38,032       —       (100 )   $ 37,932  
Total available-for-sale, short-term investments   $ 38,032       —       (100 )   $ 37,932  

 

 

    December 31, 2021  
    Amortized Cost     Gross Unrealized Gain     Gross Unrealized Loss     Fair Value  
                         
Available-for-sale, short-term investments                                
U.S. treasury securities   $ 12,077       9       —     $ 12,086  
Total available-for-sale, short-term investments   $ 12,077       9       —     $ 12,086  

 

As of December 31, 2022, the available-for-sale securities classified as short-term investments mature in one year or less. Unrealized losses on available-for-sale securities as of December 31, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. None of the short-term investments have been in a continuous unrealized loss position for more than 12 months. Accordingly, no other-than-temporary impairment was recorded for the year ended December 31, 2022.

 

There were no significant realized gains or losses recognized on the sale or maturity of available-for-sale investments during the years ended December 31, 2022 or 2021.