Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale and held-to-maturity securities as of March 31, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Available-for-sale securities:
Tax-exempt municipal securities	$	10,083	$	1	$	(87)	$	9,997
Corporate debt securities	3,201		—		(54)		3,147
Total available-for sale securities	$	13,284	$	1	$	(141)	$	13,144

Held-to-maturity securities:
Term deposits	$	18,304	$	—	$	—	$	18,304

The following is a summary of available-for-sale securities as of December 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Available-for-sale securities:
Tax-exempt municipal securities	$	10,055	$	2	$	(144)	$	9,913
Corporate debt securities	3,202		—		(79)		3,123
Total available-for sale securities	$	13,257	$	2	$	(223)	$	13,036

Held-to-maturity securities:
Term deposits	$	27,175	$	—	$	—	$	27,175

The unrealized gains and losses on the Company’s investments in corporate debt and municipal securities as of December 31, 2023 and March 31, 2024 were caused by changes in market values primarily due to interest rate changes. As of March 31, 2024, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $12.1 million. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the three months ended March 31, 2023 and 2024. The Company has no allowance for credit losses related to its available-for-sale or held-to-maturity securities as all investments are in investment grade securities.

The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2023 and March 31, 2024 (in thousands):


	December 31, 2023				March 31, 2024
	Available-for-sale securities		Held-to-maturity securities		Available-for-sale securities		Held-to-maturity securities
Due within one year	$	12,553	$	27,175	$	13,144	$	18,304
Due after one year through three years	483		—		—		—
Total	$	13,036	$	27,175	$	13,144	$	18,304

The following table summarizes the proceeds from the maturities and sales of marketable securities for the three months ended March 31, 2023 and 2024 (in thousands):


	For the three months ended March 31,
	2023		2024
Maturities of marketable securities	$	1,960	$	8,220
Sales of marketable securities	—		—
Total	$	1,960	$	8,220

The Company did not record any gross realized gains or losses in net income (loss) during the three months ended March 31, 2023 and March 31, 2024.