Available-for-sale Securities and Fair Value on Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Available-for-sale Securities and Fair Value on Financial Instruments

Note 2. Available-for-sale Securities and Fair Value on Financial Instruments

Available-for-sale Securities

The following is a summary of available-for-sale securities at September 30, 2024 (in thousands):

	September 30, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	7,639	$	—	$	—		$	—	$	7,639
United States government agency securities		23,819		120		(37	)		—		23,902
Corporate debt securities		27,047		119		(37	)		—		27,129
Mortgage-backed securities		3,148		11		(200	)		—		2,959
Total available-for-sale securities	$	61,653	$	250	$	(274	)	$	—	$	61,629

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

	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Allowance for Credit Loss		Fair Value
Money market funds	$	5,062	$	—	$	—		$	—	$	5,062
United States government agency securities		19,652		16		(314	)		—		19,354
Corporate debt securities		32,395		3		(638	)		—		31,760
Mortgage-backed securities		3,347		7		(263	)		—		3,091
Total available-for-sale securities	$	60,456	$	26	$	(1,215	)	$	—	$	59,267

Available-for-sale securities at September 30, 2024 and December 31, 2023, consisted of the following by contractual maturity (in thousands):

	September 30, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	38,752	$	38,717	$	42,598	$	41,789
Greater than one year and less than five years		22,901		22,912		17,858		17,478
Total available-for-sale securities	$	61,653	$	61,629	$	60,456	$	59,267

The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	September 30, 2024
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	944	$	(2	)	$	12,451	$	(35	)	$	13,395	$	(37	)
United States government agency securities		—		—			11,571		(37	)		11,571		(37	)
Mortgage-backed securities		—		—			2,527		(200	)		2,527		(200	)
Total	$	944	$	(2	)	$	26,549	$	(272	)	$	27,493	$	(274	)

	December 31, 2023
	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Corporate debt securities	$	1,466	$	(12	)	$	29,647	$	(626	)	$	31,113	$	(638	)
United States government agency securities		4,855		(25	)		10,991		(289	)		15,846		(314	)
Mortgage-backed securities		242		(1	)		2,647		(262	)		2,889		(263	)
Total	$	6,563	$	(38	)	$	43,285	$	(1,177	)	$	49,848	$	(1,215	)

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at September 30, 2024 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	7,639	$	7,639	$	—	$	—
United States government agency securities	Short-term investments		23,902		—		23,902		—
Corporate debt securities	Short-term investments		27,129		—		27,129		—
Mortgage-backed securities	Short-term investments		2,959		—		2,959		—
Total short-term investments		$	61,629	$	7,639	$	53,990	$	—

The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2023 (in thousands):

	Balance sheet			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	classification	Total		(Level 1)		(Level 2)		(Level 3)
Money market funds	Cash and cash equivalents	$	5,062	$	5,062	$	—	$	—
United States government agency securities	Short-term investments		19,354		—		19,354		—
Corporate debt securities	Short-term investments		31,760		—		31,760		—
Mortgage-backed securities	Short-term investments		3,091		—		3,091		—
Total short-term investments		$	59,267	$	5,062	$	54,205	$	—

The Company did not have any transfers among fair value measurement levels during the three and nine months ended September 30, 2024 and 2023.