Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale and held-to-maturity securities as of September 30, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Losses)		Estimated Fair Value
Available-for-sale securities:

Corporate debt securities	$	2,000	$	—	$	(10)	$	1,990


Held-to-maturity securities:
Term deposits	$	24,192	$	—	$	—	$	24,192

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 September 30, 2024 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2024, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $2.0 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 and nine months ended September 30, 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 September 30, 2024 (in thousands):


	December 31, 2023				September 30, 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	$	1,990	$	24,192
Due after one year through three years	483		—		—		—
Total	$	13,036	$	27,175	$	1,990	$	24,192

The following table summarizes the proceeds from the maturities and sales of marketable securities for the three and nine months ended September 30, 2023 and 2024 (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2023		2024		2023		2024
Maturities of marketable securities	$	3,215	$	7,000	$	8,175	$	29,525
Sales of marketable securities	—		—		—		—
Total	$	3,215	$	7,000	$	8,175	$	29,525

The Company did not record any gross realized gains or losses in net income during the three and nine months ended September 30, 2023 and September 30, 2024.