Investments in Available-for-Sale Securities

9 Months Ended

Sep. 30, 2024

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

7. Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid U.S. Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company’s investments in available-for-sale marketable securities are as follows:

	September 30, 2024
			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	14,834	$	78	$	—	$	—	$	14,912
Corporate notes and bonds		21,303		134		(2)		—		21,435
Total Investments	$	36,137	$	212	$	(2)	$	—	$	36,347

	December 31, 2023
			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	28,764	$	14	$	(5)	$	—	$	28,773
Corporate notes and bonds		3,951		1		(1)		—		3,951
Total Investments	$	32,715	$	15	$	(6)	$	—	$	32,724

The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $0.0 million and $2.2 million at September 30, 2024 and December 31, 2023, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $1.2 million and $2.3 million at September 30, 2024 and December 31, 2023, respectively. The unrealized losses in the Company’s portfolio at September 30, 2024 are the result of normal market fluctuations. The Company does not intend to sell these investments before recovery of their amortized cost base.

The debt securities outstanding at September 30, 2024 have maturity dates ranging from the fourth quarter of 2024 through the third quarter of 2029. The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations, if needed.