Investments in Marketable Debt Securities, Available-for-Sale (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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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 income (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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March 31, 2025 |
|
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 |
$ |
26,298 |
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|
$ |
— |
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|
$ |
3 |
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|
$ |
— |
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|
$ |
26,301 |
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| Corporate debt |
93,134 |
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— |
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16 |
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(70) |
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93,080 |
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$ |
119,432 |
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$ |
— |
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$ |
19 |
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$ |
(70) |
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$ |
119,381 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
825 |
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$ |
— |
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$ |
— |
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|
$ |
(32) |
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$ |
793 |
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| U.S. government sponsored entities |
979 |
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— |
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11 |
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(58) |
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|
932 |
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| Corporate debt |
27,685 |
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— |
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|
198 |
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(738) |
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|
27,145 |
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| Asset-backed securities (“ABS”) and other |
32,338 |
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— |
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187 |
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(282) |
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32,243 |
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$ |
61,827 |
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|
$ |
— |
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$ |
396 |
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$ |
(1,110) |
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$ |
61,113 |
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December 31, 2024 |
|
Amortized
Cost |
|
Allowance
for Credit
Losses |
|
Gross
Unrealized
Gains |
|
Gross
Unrealized
Losses |
|
Fair
Value |
| Short-term investments: |
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| U.S. treasuries |
$ |
29,515 |
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|
$ |
— |
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|
$ |
20 |
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|
$ |
(18) |
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|
$ |
29,517 |
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| Corporate debt |
160,152 |
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— |
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55 |
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(57) |
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160,150 |
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$ |
189,667 |
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$ |
— |
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$ |
75 |
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|
$ |
(75) |
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$ |
189,667 |
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| Long-term investments: |
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| U.S. treasuries |
$ |
819 |
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|
$ |
— |
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$ |
— |
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$ |
(46) |
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$ |
773 |
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| U.S. government sponsored entities |
996 |
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— |
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3 |
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(70) |
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|
929 |
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| Corporate debt |
31,820 |
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— |
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|
139 |
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(1,025) |
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30,934 |
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| ABS and other |
18,731 |
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— |
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|
114 |
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(334) |
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18,511 |
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$ |
52,366 |
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$ |
— |
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$ |
256 |
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$ |
(1,475) |
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$ |
51,147 |
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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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March 31, 2025 |
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Less than 12 months |
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12 months or greater |
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Total |
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Fair
Value |
|
Gross
Unrealized
Losses |
|
Fair
Value |
|
Gross
Unrealized
Losses |
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Fair
Value(1)
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|
Gross
Unrealized
Losses |
| U.S. treasuries |
$ |
5,961 |
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|
$ |
— |
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$ |
778 |
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|
$ |
(32) |
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$ |
6,739 |
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|
$ |
(32) |
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| U.S. government sponsored entities |
— |
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— |
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|
434 |
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(58) |
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|
434 |
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(58) |
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| Corporate debt |
56,346 |
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(21) |
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22,510 |
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(787) |
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78,856 |
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(808) |
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| ABS and other |
8,076 |
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(50) |
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3,783 |
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(232) |
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11,859 |
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(282) |
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$ |
70,383 |
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$ |
(71) |
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$ |
27,505 |
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$ |
(1,109) |
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$ |
97,888 |
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$ |
(1,180) |
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December 31, 2024 |
|
Less than 12 months |
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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 |
$ |
— |
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|
$ |
— |
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|
$ |
10,050 |
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$ |
(64) |
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$ |
10,050 |
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|
$ |
(64) |
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| U.S. government sponsored entities |
— |
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— |
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|
432 |
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(70) |
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|
432 |
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(70) |
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| Corporate debt |
15,654 |
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(46) |
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25,520 |
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(1,036) |
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41,174 |
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(1,082) |
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| ABS and other |
6,393 |
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(70) |
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4,333 |
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(264) |
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10,726 |
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(334) |
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$ |
22,047 |
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$ |
(116) |
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$ |
40,335 |
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$ |
(1,434) |
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$ |
62,382 |
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$ |
(1,550) |
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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
March 31, |
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2025 |
|
2024 |
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Gross realized gains (1)
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$ |
8 |
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$ |
— |
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Gross realized losses (1)
|
$ |
— |
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$ |
— |
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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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March 31, 2025 |
|
December 31, 2024 |
|
Amortized
Cost |
|
Fair Value |
|
Amortized
Cost |
|
Fair Value |
| Due in one year or less |
$ |
119,432 |
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$ |
119,381 |
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$ |
189,667 |
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$ |
189,667 |
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| Due after one year through five years |
24,925 |
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24,724 |
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26,315 |
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25,944 |
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| Due after five years through ten years |
11,053 |
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10,744 |
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|
11,246 |
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10,716 |
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| Due after ten years |
25,849 |
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|
25,645 |
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|
14,805 |
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|
14,487 |
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$ |
181,259 |
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$ |
180,494 |
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$ |
242,033 |
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$ |
240,814 |
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| Weighted average contractual maturity |
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4.7 years |
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2.3 years |
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