Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

6. Marketable Securities

Marketable securities consist of commercial paper, certificates of deposit, and U.S. Treasury and agency debt, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of less than nine months as of March 31, 2024. As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of March 31, 2024 and December 31, 2023. The following presents information about the Company’s marketable securities:

	As of March 31, 2024
Sector	Amortized Cost		Allowance for credit losses		Net Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Financial	$	55,627	$	-	$	55,627	$	-	$	(56	)	$	55,571
Government		22,143		-		22,143		-		(1	)		22,142
Industrial		22,118		-		22,118		-		(20	)		22,098
Total	$	99,888	$	-	$	99,888	$	-	$	(77	)	$	99,811

	As of December 31, 2023
Sector	Amortized Cost		Allowance for credit losses		Net Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Financial	$	44,645	$	-	$	44,645	$	-	$	(14	)	$	44,631
Total	$	44,645	$	-	$	44,645	$	-	$	(14	)	$	44,631

The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 5. The fair values of the remaining major security types are classified as Level 2.

The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:

	As of March 31, 2024			As of December 31, 2023
Aggregate fair value of investments with unrealized losses (1)		77,581		$	33,578
Aggregate amount of unrealized losses		(77	)		(14	)

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(1) Investments have been in a continuous loss position for less than 12 months