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Investments
 9 Months Ended
Sep. 30, 2023
Investments  
Investments

Note 9. Investments

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A summary of the Company’s investments that are classified as held-to-maturity are as follows:

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Gross

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Gross

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Amortized

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Unrealized

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Unrealized

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Fair

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Cost

    

Gains

    

Losses

    

Value

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(in thousands)

Corporate and agency bonds (due within 1 year)

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$

32,313

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$

—

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$

(23)

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$

32,290

Corporate bonds (due within 1 to 3 years)

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964

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—

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(1)

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963

Municipal bonds (due within 1 year)

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379

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​

—

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—

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379

Total investments as of September 30, 2023

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$

33,656

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$

—

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$

(24)

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$

33,632

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​

​

​

​

​

​

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Corporate and agency bonds (due within 1 year)

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$

21,612

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$

—

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$

(60)

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$

21,552

Municipal bonds (due within 1 year)

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1,903

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​

—

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(2)

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1,901

Total investments as of December 31, 2022

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$

23,515

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$

—

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$

(62)

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$

23,453

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At each reporting period, the Company evaluates securities for impairment when the fair value of the investment is less than its amortized cost. The Company evaluated the underlying credit quality and credit ratings of the issuers, identifying neither a significant deterioration since purchase nor any other factors that would indicate a material credit loss.

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The Company measures expected credit losses on held-to-maturity investments on a collective basis. All the Company’s held-to-maturity investments were considered to be one pool. The estimate for credit losses considers historical loss information that is adjusted for current conditions and reasonable and supportable forecasts. Expected credit losses on held-to-maturity investments were not material to the condensed consolidated financial statements.

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Investment in unconsolidated affiliate

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The Company accounts for its share of the earnings or losses of its unconsolidated affiliate (Nanjing Hanxin Biomedical Testing Service Co., Ltd., or Hanxin) with a reporting lag of three months, as the financial statements of Hanxin are not completed on a basis that is sufficient for the Company to apply the equity method on a current basis. The Company’s share of Hanxin’s losses for the three and nine months ended September 30, 2023 was $0.4 million and $1.5 million, respectively, which was recorded in the “Equity in losses of unconsolidated affiliate” line on the condensed consolidated statement of operations. The Company’s share of Hanxin’s losses for the three and nine months ended September 30, 2022, was $0.2 million and $1.1 million, respectively, which was recorded in the “Equity in losses of unconsolidated affiliate” line on the condensed consolidated statement of operations.

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