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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities Reconciliation
The following tables present amortized cost and fair values of investments at March 31, 2024 and December 31, 2023, respectively:
March 31, 2024Amortized costAccumulated unrealized gainsAccumulated unrealized lossesFair value
(in thousands)
Investment securities, held-to-maturity
U.S. government and government agencies and authorities
$7,715 $— $(169)$7,546 
Investment securities, available-for-sale
U.S. government and government agencies and authorities
137,911 235 (2,782)135,364 
Corporate debt securities77,957 91 (104)77,944 
Other1,881 — — 1,881 
Total held-to-maturity and available-for-sale investment securities
$225,464 $326 $(3,055)$222,735 

December 31, 2023Amortized costAccumulated unrealized gainsAccumulated unrealized lossesFair value
(in thousands)
Investment securities, held-to-maturity
U.S. government and government agencies and authorities
$7,695 $— $(225)$7,470 
Investment securities, available-for-sale
U.S. government and government agencies and authorities
126,071 713 (3,070)123,714 
Corporate debt95,354 165 (176)95,343 
Other1,855 — (2)1,853 
Total held-to-maturity and available-for-sale investment securities
$230,975 $878 $(3,473)$228,380 
Schedule of Amortized Cost and Fair Value of Debt Securities
The following table presents the amortized cost and fair value of debt securities at March 31, 2024, by contractual maturity:
March 31, 2024Held-to-maturityAvailable-for-sale
Amortized costFair valueAmortized costFair value
(in thousands)
Due within one year$6,923 $6,853 $119,528 $118,056 
Due after one year through five years680 602 98,221 97,133 
Due after five years through ten years— — — — 
Due after ten years112 91 — — 
Total$7,715 $7,546 $217,749 $215,189 
Schedule of Net Investment Income
For the three months ended March 31, 2024 and 2023, respectively, net investment income, which is included within Other income within the Condensed Consolidated Statements of Operations and Comprehensive Loss, was derived from the following sources:
Three Months Ended
March 31,
20242023
(in thousands)
Cash and cash equivalents$2,186 $1,629 
Short-term investments174 492 
Investment securities2,108 1,814 
Investment income, net$4,468 $3,935 
Schedule of Gross Unrealized Losses and Fair Value for Fixed Maturities in a Continuous Unrealized Loss Position
Gross unrealized losses and fair values aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows at March 31, 2024, and December 31, 2023, respectively:
March 31, 2024Less than 12 monthsGreater than 12 monthsTotal
Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
(in thousands, except number of positions)
U.S. government and government agencies and authorities$33,908 $(54)$61,799 $(2,906)$95,707 $(2,960)
Corporate debt securities38,850 (75)6,691 (20)45,541 (95)
Total$72,758 $(129)$68,490 $(2,926)$141,248 $(3,055)
Number of positions55 29 84 
December 31, 2023Less than 12 monthsGreater than 12 monthsTotal
Fair valueUnrealized lossFair valueUnrealized lossFair valueUnrealized loss
(in thousands, except number of positions)
U.S. government and government agencies and authorities$12,584 $(32)$61,628 $(3,259)$74,212 $(3,291)
Corporate debt securities61,007 (175)5,017 (7)66,024 (182)
Total$73,591 $(207)$66,645 $(3,266)$140,236 $(3,473)
Number of positions69 27 96 
Schedule of Realized Gain (Loss) on Investment Securities
Proceeds from sales and maturities of investment securities, inclusive of short-term investments, and related gross realized gains (losses) which are included within Other income within the Condensed Consolidated Statements of Operations and Comprehensive Loss, were as follows for the three months ended March 31, 2024 and 2023, respectively:
Three Months Ended
March 31,
20242023
(in thousands)
Proceeds from sales of investment securities$— $15,001 
Proceeds from maturities of investment securities33,735 63,324 
Gross realized gains— — 
Gross realized losses— — 
Net realized gains (losses)
$— $—