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Marketable Securities (Tables)

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

Schedule of Maturities of Marketable 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

Schedule of Proceeds from the Maturities of Marketable Securities

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