MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2025

MARKETABLE SECURITIES

MARKETABLE SECURITIES

5. MARKETABLE SECURITIES:

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at June 30, 2025, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Corporate securities	$	15,661	$	7	$	(10)	$	15,658
Total		15,661		7		(10)		15,658
Investments due in 4-12 months:
Corporate securities		25,976		94		(6)		26,064
Total		25,976		94		(6)		26,064
Investments due in 12 months or greater:
Corporate securities		158,421		1,663		(5)		160,079
Total		158,421		1,663		(5)		160,079
Total marketable securities	$	200,058	$	1,764	$	(21)	$	201,801

Accrued interest receivable was $2.5 million at June 30, 2025 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

Amortized cost and estimated fair market value of marketable securities classified as available-for-sale (excluding cash equivalents) at December 31, 2024, were as follows:

	Amortized		Gross Unrealized				Estimated Fair
(In thousands)	Cost		Gains		Losses		Market Value
Investments due in 3 months or less:
Corporate securities	$	10,972	$	4	$	(3)	$	10,973
Total		10,972		4		(3)		10,973
Investments due in 4-12 months:
Corporate securities		87,346		159		(19)		87,486
Total		87,346		159		(19)		87,486
Investments due in 12 months or greater:
Corporate securities		149,817		860		(113)		150,564
Total		149,817		860		(113)		150,564
Total marketable securities	$	248,135	$	1,023	$	(135)	$	249,023

Accrued interest receivable was $2.8 million at December 31, 2024 and was recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

The following table summarizes marketable securities classified as available-for-sale (excluding cash equivalents) in a continuous unrealized loss position for which an allowance for credit losses was not recorded at June 30, 2025:

	Less Than 12 Months				12 Months or Longer				Total
	Estimated		Gross		Estimated		Gross		Estimated		Gross
	Fair Market		Unrealized		Fair Market		Unrealized		Fair Market		Unrealized
(In thousands)	Value		Losses		Value		Losses		Value		Losses
Corporate securities	$	9,205	$	(17)	$	2,925	$	(4)	$	12,130	$	(21)
Total marketable securities	$	9,205	$	(17)	$	2,925	$	(4)	$	12,130	$	(21)

In the three and six months ended June 30, 2025 and 2024, no unrealized losses on marketable securities were recognized in income.

The Company does not intend to sell and it is unlikely that it will be required to sell the securities held prior to their anticipated recovery. The issuers are high quality (investment grade) and the decline in fair value is largely due to changes in interest rates. Additionally, the issuers continue to make timely interest payments on the marketable securities with the fair value expected to recover as they reach maturity.