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Marketable Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

4. Marketable Securities

The following provides detail of the Company's marketable securities.

(in thousands)

 

Amortized Cost

 

 

Gross unrealized gain

 

 

Gross unrealized loss

 

 

Fair Value

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency securities

 

$

8,463

 

 

$

—

 

 

$

(10

)

 

$

8,453

 

Corporate debt securities

 

 

56,665

 

 

 

7

 

 

 

(141

)

 

 

56,531

 

U.S. government securities

 

 

87,178

 

 

 

—

 

 

 

(146

)

 

 

87,032

 

Total marketable securities

 

$

152,306

 

 

$

7

 

 

$

(297

)

 

$

152,016

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Agency securities

 

$

10,431

 

 

$

19

 

 

$

—

 

 

$

10,450

 

Corporate debt securities

 

 

67,806

 

 

 

193

 

 

 

(20

)

 

 

67,979

 

U.S. government securities

 

 

129,184

 

 

 

72

 

 

 

(41

)

 

 

129,215

 

Total marketable securities

 

$

207,421

 

 

$

284

 

 

$

(61

)

 

$

207,644

 

 

The Company’s marketable securities generally have contractual maturity dates of 19 months or less. As of June 30, 2024, the Company had 39 securities with a total fair market value of $144.8 million in an unrealized loss position. The Company believes any unrealized losses associated with the decline in value of its securities is temporary and is primarily related to market factors. Furthermore, the Company believes it is more likely than not that it will be able to hold its marketable securities to maturity. Therefore, the Company anticipates a full recovery of the amortized cost basis of its marketable securities at maturity and an allowance for credit losses was not recognized.