Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains/Losses in Accumulated Other Comprehensive Income/Loss and Fair Value of Marketable Securities, Available-for-Sale, by Type of Security |
Amortized cost, allowance for credit losses, gross unrealized gains (losses) in accumulated other comprehensive loss and fair value of marketable debt securities, available-for-sale, by type of security consisted of the following (in thousands):
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June 30, 2024 |
|
Amortized
Cost |
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Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
45,725 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(236) |
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|
$ |
45,489 |
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| Corporate debt |
74,583 |
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— |
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|
— |
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(265) |
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|
74,318 |
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$ |
120,308 |
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$ |
— |
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$ |
— |
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$ |
(501) |
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$ |
119,807 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
828 |
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$ |
— |
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|
$ |
— |
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|
$ |
(52) |
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|
$ |
776 |
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| U.S. government sponsored entities |
1,033 |
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— |
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6 |
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(71) |
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|
968 |
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| Corporate debt |
41,991 |
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— |
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|
88 |
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(1,515) |
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|
40,564 |
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| Asset-backed securities (“ABS”) and other |
11,641 |
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— |
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69 |
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(318) |
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|
11,392 |
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$ |
55,493 |
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|
$ |
— |
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|
$ |
163 |
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|
$ |
(1,956) |
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$ |
53,700 |
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December 31, 2023 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
91,951 |
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|
$ |
— |
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|
$ |
60 |
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|
$ |
(171) |
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|
$ |
91,840 |
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| Corporate debt |
77,067 |
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|
— |
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|
14 |
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(40) |
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|
77,041 |
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$ |
169,018 |
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|
$ |
— |
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$ |
74 |
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|
$ |
(211) |
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$ |
168,881 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
10,097 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
(245) |
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$ |
9,852 |
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| U.S. government sponsored entities |
1,069 |
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— |
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29 |
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(58) |
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|
1,040 |
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| Corporate debt |
45,990 |
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— |
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|
244 |
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(1,669) |
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|
44,565 |
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| ABS and other |
12,382 |
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— |
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72 |
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(452) |
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|
12,002 |
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$ |
69,538 |
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|
$ |
— |
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$ |
345 |
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|
$ |
(2,424) |
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$ |
67,459 |
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| Available-for-sale Marketable Debt Securities in a Continuous Unrealized Loss Position |
The Company’s investments in marketable debt securities, available-for-sale, that have been in a continuous unrealized loss position, for which an allowance for credit losses has not been recorded, by type of security consisted of the following (in thousands):
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June 30, 2024 |
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Less than 12 months |
|
12 months or greater |
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Total |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value(1)
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Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
28,678 |
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|
$ |
(3) |
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$ |
17,328 |
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|
$ |
(285) |
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|
$ |
46,006 |
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|
$ |
(288) |
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| U.S. government sponsored entities |
— |
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— |
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|
453 |
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(71) |
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|
453 |
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(71) |
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| Corporate debt |
73,596 |
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(167) |
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32,937 |
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(1,613) |
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106,533 |
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(1,780) |
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| ABS and other |
345 |
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(1) |
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5,444 |
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(317) |
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5,789 |
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(318) |
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$ |
102,619 |
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|
$ |
(171) |
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$ |
56,162 |
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$ |
(2,286) |
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$ |
158,781 |
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$ |
(2,457) |
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December 31, 2023 |
|
Less than 12 months |
|
12 months or greater |
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Total |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value(1)
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|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
9,982 |
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|
$ |
(1) |
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$ |
20,610 |
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|
$ |
(415) |
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$ |
30,592 |
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|
$ |
(416) |
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| U.S. government sponsored entities |
— |
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— |
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|
488 |
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(58) |
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|
488 |
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(58) |
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| Corporate debt |
45,251 |
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(59) |
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30,423 |
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(1,650) |
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75,674 |
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(1,709) |
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| ABS and other |
1,701 |
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(15) |
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5,988 |
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(437) |
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7,689 |
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(452) |
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$ |
56,934 |
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$ |
(75) |
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$ |
57,509 |
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$ |
(2,560) |
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$ |
114,443 |
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$ |
(2,635) |
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| (1) |
The fair value excludes accrued interest receivable. |
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| Gross Realized Gains and Losses from Sale of Available for Sale Marketable Debt Securities |
Gross realized gains and losses from the sales of the Company’s marketable debt securities, available-for-sale, consisted of the following (in thousands):
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Gross realized gains (1)
|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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Gross realized losses (1)
|
$ |
— |
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|
$ |
(23) |
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|
$ |
— |
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|
$ |
(23) |
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| (1) |
Recorded in other income, net in the condensed consolidated statements of operations. The cost basis of securities sold were determined based on the specific identification method. |
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| Amortized Cost and Fair Value of Marketable Debt Securities, Available-for-Sale, by Contractual Maturity |
Amortized cost and fair value of marketable debt securities, available-for-sale, by contractual maturity consisted of the following (in thousands, except weighted average data):
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June 30, 2024 |
|
December 31, 2023 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
120,308 |
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$ |
119,807 |
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$ |
169,018 |
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$ |
168,881 |
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| Due after one year through five years |
35,472 |
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|
34,686 |
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|
48,241 |
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|
47,200 |
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| Due after five years through ten years |
10,888 |
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|
10,205 |
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|
12,950 |
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|
12,279 |
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| Due after ten years |
9,133 |
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|
8,809 |
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|
8,347 |
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|
7,980 |
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$ |
175,801 |
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$ |
173,507 |
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$ |
238,556 |
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$ |
236,340 |
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| Weighted average contractual maturity |
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2.3 years |
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1.9 years |
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