Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. As of December 31, 2023 and 2022, the securities are categorized as available-for-sale and are recorded at fair value.

Information regarding the Company’s short-term and long-term marketable securities as of December 31, 2023 and 2022 is as follows:

	December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. government agency securities	$	16,798	—		$	(278)	$	16,520
Corporate debt securities	2,511		—		(19)		2,492
U.S. municipal securities	7,876		—		(105)		7,771
Certificates of deposit/time deposits	249		—		—		249
Total marketable securities	$	27,434	$	—	$	(402)	$	27,032

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

Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. government agency securities, U.S. municipal securities, commercial paper and certificates of deposit are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).

Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.

The December 31, 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)	December 31, 2023
Due in one year or less	$	19,013
Due after one year through five years	8,019
Total marketable securities	$	27,032