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Marketable Securities | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale and held-to-maturity securities as of September 30, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Tax-exempt municipal securities | $ | 11,654 |  |  | $ | 1 |  |  | $ | (263) |  |  | $ | 11,392 |
Corporate debt securities | 3,204 |  |  | — |  |  | (122) |  |  | 3,082 |
Total available-for sale securities | $ | 14,858 |  |  | $ | 1 |  |  | $ | (385) |  |  | $ | 14,474 |
Held-to-maturity securities: |  |  |  |  |  |  |
Term deposits | $ | 16,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,400 |
The following is a summary of available-for-sale securities as of December 31, 2022 (in thousands):
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized (Losses) |  | Estimated Fair Value
Available-for-sale securities: |  |  |  |  |  |  |
Tax-exempt municipal securities | $ | 15,852 |  |  | $ | 2 |  |  | $ | (507) |  |  | $ | 15,347 |
Corporate debt securities | 7,140 |  |  | — |  |  | (208) |  |  | 6,932 |
Total | $ | 22,992 |  |  | $ | 2 |  |  | $ | (715) |  |  | $ | 22,279 |
The Company had no held-to-maturity securities as of December 31, 2022. The unrealized gains and losses on the Company’s investments in corporate debt and municipal securities as of December 31, 2022 and September 30, 2023 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2023, the fair value of the Company’s securities which were in an unrealized loss position for a period longer than twelve months was $13.5 million. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the three and nine months ended September 30, 2022 and 2023. The Company has no allowance for credit losses related to its available-for-sale or held-to-maturity securities as all investments are in investment grade securities. The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2022 and September 30, 2023 (in thousands):
| December 31, 2022 |  | September 30, 2023
| Available-for-sale securities |  | Held-to-maturity securities |  | Available-for-sale securities |  | Held-to-maturity securities
Due within one year | $ | 9,156 |  |  | $ | — |  |  | $ | 12,560 |  |  | $ | 16,400 |
Due after one year through three years | 13,123 |  |  | — |  |  | 1,914 |  |  | — |
Total | $ | 22,279 |  |  | $ | — |  |  | $ | 14,474 |  |  | $ | 16,400 |
The following table summarizes the proceeds from the maturities and sales of available-for-sale securities for the three and nine months ended September 30, 2022 and 2023 (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2022 |  | 2023 |  | 2022 |  | 2023
Maturities of marketable securities | $ | 500 |  |  | $ | 3,215 |  |  | $ | 2,600 |  |  | $ | 8,175 |
Sales of marketable securities | — |  |  | — |  |  | — |  |  | — |
Total | $ | 500 |  |  | $ | 3,215 |  |  | $ | 2,600 |  |  | $ | 8,175 |
The Company did not record any gross realized gains or losses in net income during the three and nine months ended September 30, 2022 and September 30, 2023.

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