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Marketable Securities | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 6. Marketable Securities Marketable securities consist of corporate bonds, commercial paper, certificates of deposit, and U.S. Treasury and agency debt, and are classified as held-to-maturity. Investments held in marketable securities had contractual maturities of less than 13 months as of September 30, 2024. As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of September 30, 2024 and December 31, 2023. The following presents information about the Company’s marketable securities:
|  | As of September 30, 2024 |
Sector |  | Amortized Cost |  |  | Allowance for Credit Losses |  |  | Net Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Financial |  | $ | 56,251 |  |  | $ | - |  |  | $ | 56,251 |  |  | $ | 73 |  |  | $ | (3 | ) |  | $ | 56,321 |
Industrial |  |  | 22,706 |  |  |  | - |  |  |  | 22,706 |  |  |  | 10 |  |  |  | (1 | ) |  |  | 22,715 |
Total |  | $ | 78,957 |  |  | $ | - |  |  | $ | 78,957 |  |  | $ | 83 |  |  | $ | (4 | ) |  | $ | 79,036 |
|  | As of December 31, 2023 |
Sector |  | Amortized Cost |  |  | Allowance for Credit Losses |  |  | Net Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Financial |  | $ | 44,645 |  |  | $ | - |  |  | $ | 44,645 |  |  | $ | - |  |  | $ | (14 | ) |  | $ | 44,631 |
Total |  | $ | 44,645 |  |  | $ | - |  |  | $ | 44,645 |  |  | $ | - |  |  | $ | (14 | ) |  | $ | 44,631 |
The fair value of marketable securities in the Government major security type is classified as a Level 1 in the Company’s fair value hierarchy described in Note 5. The fair values of the remaining major security types are classified as Level 2. The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:
|  | As of September 30, 2024 |  |  | As of December 31, 2023 |
Aggregate fair value of investments with unrealized losses (1) |  |  | 22,391 |  |  | $ | 33,578 |
Aggregate amount of unrealized losses |  |  | (4 | ) |  |  | (14 | )
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(1) | Investments have been in a continuous loss position for less than 12 months

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