Quarterly report [Sections 13 or 15(d)]

Investments in Marketable Debt Securities, Available-for-Sale (Tables)

v3.25.2
Investments in Marketable Debt Securities, Available-for-Sale (Tables)
6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
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):
June 30, 2025
Amortized
Cost
Allowance
for Credit
Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Short-term investments:
U.S. treasuries $ 21,751  $ —  $ $ (2) $ 21,750 
U.S. government sponsored entities 3,964  —  —  (1) 3,963 
Corporate debt 107,290  —  15  (72) 107,233 
Asset-backed securities (“ABS”) and other 3,513  —  —  $ 3,515 
$ 136,518  $ —  $ 18  $ (75) $ 136,461 
Long-term investments:
U.S. treasuries $ 21,006  $ —  $ 72  $ (26) $ 21,052 
U.S. government sponsored entities 962  —  (55) 915 
Corporate debt 36,421  —  404  (594) 36,231 
Asset-backed securities (“ABS”) and other 51,886  —  379  (257) 52,008 
$ 110,275  $ —  $ 863  $ (932) $ 110,206 
December 31, 2024
Amortized
Cost
Allowance
for Credit
Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Short-term investments:
U.S. treasuries $ 29,515  $ —  $ 20  $ (18) $ 29,517 
Corporate debt 160,152  —  55  (57) 160,150 
$ 189,667  $ —  $ 75  $ (75) $ 189,667 
Long-term investments:        
U.S. treasuries $ 819  $ —  $ —  $ (46) $ 773 
U.S. government sponsored entities 996  —  (70) 929 
Corporate debt 31,820  —  139  (1,025) 30,934 
ABS and other 18,731  —  114  (334) 18,511 
$ 52,366  $ —  $ 256  $ (1,475) $ 51,147 
Schedule of 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):
June 30, 2025
Less than 12 months 12 months or greater Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value(1)
Gross
Unrealized
Losses
U.S. treasuries $ 14,598  $ (3) $ 780  $ (25) $ 15,378  $ (28)
U.S. government sponsored entities 3,963  (1) 428  (55) 4,391  (56)
Corporate debt 87,237  (22) 18,348  (644) 105,585  (666)
ABS and other 6,509  (42) 3,541  (215) 10,050  (257)
$ 112,307  $ (68) $ 23,097  $ (939) $ 135,404  $ (1,007)

December 31, 2024
Less than 12 months 12 months or greater Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value(1)
Gross
Unrealized
Losses
U.S. treasuries $ —  $ —  $ 10,050  $ (64) $ 10,050  $ (64)
U.S. government sponsored entities —  —  432  (70) 432  (70)
Corporate debt 15,654  (46) 25,520  (1,036) 41,174  (1,082)
ABS and other 6,393  (70) 4,333  (264) 10,726  (334)
$ 22,047  $ (116) $ 40,335  $ (1,434) $ 62,382  $ (1,550)
(1)The fair value excludes accrued interest receivable.
Schedule of 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):
Three Months Ended
June 30,
Six Months Ended
June 30,
2025 2024 2025 2024
Gross realized gains (1)
$ —  $ —  $ $ — 
Gross realized losses (1)
$ —  $ —  $ —  $ — 
(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.
Schedule of 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):
June 30, 2025 December 31, 2024
Amortized
 Cost
Fair Value Amortized
 Cost
Fair Value
Due in one year or less $ 136,518  $ 136,461  $ 189,667  $ 189,667 
Due after one year through five years 58,196  58,292  26,315  25,944 
Due after five years through ten years 12,665  12,541  11,246  10,716 
Due after ten years 39,414  39,373  14,805  14,487 
$ 246,793  $ 246,667  $ 242,033  $ 240,814 
Weighted average contractual maturity 5.7 years 2.3 years