XML 20 R11.htm IDEA: XBRL DOCUMENT v3.23.2
Marketable Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

3. Marketable Securities

The following tables present a summary of the Company’s marketable securities, which consist solely of available-for-sale debt securities (in thousands):

 

 

Amortized Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

109,284

 

 

$

2

 

 

$

(2,614

)

 

$

106,672

 

Certificates of deposit

 

 

7,553

 

 

 

—

 

 

 

(199

)

 

 

7,354

 

Corporate bonds

 

 

239,185

 

 

 

—

 

 

 

(6,427

)

 

 

232,758

 

 

 

$

356,022

 

 

$

2

 

 

$

(9,240

)

 

$

346,784

 

 

 

Amortized Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

134,485

 

 

$

—

 

 

$

(3,492

)

 

$

130,993

 

Certificates of deposit

 

 

7,555

 

 

 

1

 

 

 

(248

)

 

 

7,308

 

Corporate bonds

 

 

340,752

 

 

 

—

 

 

 

(10,803

)

 

 

329,949

 

 

 

$

482,792

 

 

$

1

 

 

$

(14,543

)

 

$

468,250

 

 

As of June 30, 2023 and December 31, 2022, no available-for-sale debt securities had remaining maturities greater than three years. The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, or to the earliest call date for callable debt securities purchased at a premium.

As of June 30, 2023 and December 31, 2022, the balance in accumulated other comprehensive loss consisted solely of unrealized gains and losses on available-for-sale debt securities, net of reclassification adjustments for realized gains and losses and income tax effects. The Company uses the aggregate portfolio approach to release the tax effects of unrealized gains and losses on available-for-sale debt securities in accumulated other comprehensive loss. Realized gains and losses from the sale or maturity of marketable securities are based on the specific identification method and are included in results of operations as investment income. Unrealized gain (loss) on available-for-sale securities, net, as presented in the consolidated statements of operations and comprehensive loss consisted of the following (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Unrealized gain (loss) before reclassifications

 

$

1,524

 

 

$

(2,885

)

 

$

5,303

 

 

$

(12,266

)

Realized losses (gains) reclassified to investment income

 

 

—

 

 

 

72

 

 

 

—

 

 

 

72

 

Unrealized gain (loss) on available-for-sale securities, net

 

$

1,524

 

 

$

(2,813

)

 

$

5,303

 

 

$

(12,194

)

 

The following tables present the fair values and unrealized losses of available-for-sale debt securities held by the Company in an unrealized loss position for less than 12 months and 12 months or greater (in thousands):

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

29,923

 

 

$

(236

)

 

$

64,013

 

 

$

(2,378

)

 

$

93,936

 

 

$

(2,614

)

Certificates of deposit

 

 

2,885

 

 

 

(39

)

 

 

4,225

 

 

 

(160

)

 

 

7,110

 

 

 

(199

)

Corporate bonds

 

 

23,933

 

 

 

(164

)

 

 

208,825

 

 

 

(6,263

)

 

 

232,758

 

 

 

(6,427

)

 

 

$

56,741

 

 

$

(439

)

 

$

277,063

 

 

$

(8,801

)

 

$

333,804

 

 

$

(9,240

)

 

 

 

Less than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

 

Fair Value

 

 

Unrealized
Losses

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

91,498

 

 

$

(2,014

)

 

$

38,495

 

 

$

(1,478

)

 

$

129,993

 

 

$

(3,492

)

Certificates of deposit

 

 

4,484

 

 

 

(144

)

 

 

2,087

 

 

 

(104

)

 

 

6,571

 

 

 

(248

)

Corporate bonds

 

 

106,707

 

 

 

(3,866

)

 

 

223,242

 

 

 

(6,937

)

 

 

329,949

 

 

 

(10,803

)

 

 

$

202,689

 

 

$

(6,024

)

 

$

263,824

 

 

$

(8,519

)

 

$

466,513

 

 

$

(14,543

)

 

As of June 30, 2023, available-for-sale debt securities held by the Company which were in an unrealized loss position consisted of 113 investment grade security positions. The Company has the intent and ability to hold such securities until recovery, and based on the credit quality of the issuers and low severity of each unrealized loss position relative to its amortized cost basis, the Company did not identify any credit losses associated with its available-for-sale debt securities. The Company did not record an allowance for credit losses on its available-for-sale debt securities as of June 30, 2023 or December 31, 2022. The Company did not recognize any impairment or credit losses on available-for-sale debt securities during the three and six months ended June 30, 2023 and 2022.