INVESTMENTS IN MARKETABLE DEBT SECURITIES

12 Months Ended

Jun. 30, 2024

INVESTMENTS IN MARKETABLE DEBT SECURITIES

INVESTMENTS IN MARKETABLE DEBT SECURITIES

NOTE 3 — INVESTMENTS IN MARKETABLE DEBT SECURITIES

Investments in marketable debt securities are classified as follows in the consolidated balance sheets as of June 30, 2024 and 2023 (in thousands):

	2024		2023
Short-term investments	$	56,478	$	85,860
Long-term investments		263		16,470
Total investments	$	56,741	$	102,330

The Company only invests in liquid, high quality debt securities. Nonetheless, all of these investments are subject to interest rate and credit risk that may result in fluctuations in the fair value of the investments. To minimize the exposure due to an adverse shift in interest rates, the Company generally invests in securities with expected maturities of two years or less while maintaining a weighted average maturity of one year or less. As of June 30, 2024 investments in marketable debt securities with an aggregate fair value of $56.5 million are scheduled to mature during the 12-month period ending June 30, 2025. All of the remaining investments with a fair value of $0.3 million, are scheduled to mature during the 12-month period ending June 30, 2026.

During the fiscal year ended June 30, 2024, marketable debt securities for $115.1 million matured and approximately $66.4 million of the proceeds were reinvested in additional marketable debt securities. The Company did not sell any marketable debt securities prior to the scheduled maturity dates for the fiscal year ended June 30, 2024.

Accrued interest receivable on all marketable debt securities amounted to $0.4 million and $0.3 million as of June 30, 2024 and 2023, respectively. Accrued interest is included in other current assets in the accompanying consolidated balance sheet.

For the fiscal years ended June 30, 2024 and 2023, the Company did not recognize any allowance for credit losses or other than temporary impairment related to investments in marketable debt securities.

The following table summarizes the unrealized gains and losses that result in differences between the amortized cost basis and fair value of the Company’s marketable debt securities held as of June 30, 2024 (in thousands):

			Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Corporate commercial paper	$	20,941	$	—	$	(12)	$	20,929
Obligations of U.S. government agencies		2,001		—		(4)		1,997
U.S. Treasury obligations		2,727		—		(7)		2,720
Corporate notes and bonds		30,888		—		(56)		30,832
Asset-backed securities		263		—		—		263
Total	$	56,820	$	—	$	(79)	$	56,741

The following table summarizes the unrealized gains and losses that result in differences between the amortized cost basis and fair value of the Company’s marketable debt securities held as of June 30, 2023 (in thousands):

			Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
Corporate commercial paper	$	41,670	$	—	$	(73)	$	41,597
Obligations of U.S. government agencies		26,565		—		(170)		26,395
U.S. Treasury obligations		10,416		2		(14)		10,404
Corporate notes and bonds		19,253		1		(14)		19,240
Asset-backed securities		4,777		—		(83)		4,694
Total	$	102,681	$	3	$	(354)	$	102,330