Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-Sale

The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of September 30, 2023 and December 31, 2022:

	September 30, 2023
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. municipal securities	$	8,629	$	-	$	(209)	$	8,420
Corporate debt securities	2,530		-		(54)		2,476
U.S. government agency securities	20,793		-		(520)		20,273
Certificates of deposit/time deposits	249		-		(2)		247
Total marketable securities	$	32,201	$	-	$	(785)	$	31,416

	December 31, 2022
(in thousands)	Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. municipal securities	$	15,574	$	-	$	(417)	$	15,157
Corporate debt securities	9,578		-		(205)		9,373
U.S. government agency securities	25,275		-		(750)		24,525
Certificates of deposit/time deposits	939		-		(7)		932
Total marketable securities	$	51,366	$	-	$	(1,379)	$	49,987

Investments Classified by Contractual Maturity Date

The September 30, 2023 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(in thousands)	September 30, 2023
Due in one year or less	$	19,204
Due after one year through five years	12,212
Total marketable securities	$	31,416