Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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.