XML 19 R11.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investments | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment | Note 3. Investments During the three months ended June 30, 2024, the Company invested in a diversified portfolio of highly rated marketable debt securities, all of which are classified as available-for-sale. Available-for-sale securities with remaining maturities of greater than three months but less than one year and those identified by management at the time of purchase to be used to fund operations within one year are classified as short-term. All other available-for-sale securities are classified as long-term. Available-for-sale debt securities with readily determinable market values are recorded at fair value, and unrealized holding gains and temporary losses are recorded as a component of accumulated other comprehensive income (loss), net of related estimated tax. The Company evaluates its available-for-sale debt securities for other-than-temporary impairment on a quarterly basis. When a decline in fair value is determined to be other-than-temporary, the cost of the investment is adjusted to fair value by recording a loss on investments in the condensed consolidated statements of operations and comprehensive loss. Gains and losses on investments are calculated on the basis of specific identification. The Company reviews several factors to determine whether a loss is other-than-temporary, such as the length and extent of the fair value decline, the financial condition and near-term prospects of the issuer, market conditions and trends and whether the Company has the intent to sell or will more likely than not be required to sell before the securities' anticipated recovery, which may be at maturity. The following table summarizes the estimated fair value of available-for-sale debt securities included within short-term and long-term investments as of June 30, 2024 (in thousands):
|  | June 30, 2024 |
|  | Gross Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Accrued Interest Receivable |  |  | Aggregate Fair Value |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 16,791 |  |  | $ | — |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 134 |  |  | $ | 16,917 |
U.S. Government obligations |  |  | 14,729 |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | 55 |  |  |  | 14,777 |
Total short-term investments |  | $ | 31,520 |  |  | $ | — |  |  | $ | (15 | ) |  | $ | — |  |  | $ | 189 |  |  | $ | 31,694 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 19,351 |  |  | $ | 3 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | 203 |  |  | $ | 19,549 |
U.S. Government obligations |  |  | 3,625 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  | 28 |  |  |  | 3,654 |
Asset-backed Securities |  |  | 3,549 |  |  |  | 1 |  |  |  | (35 | ) |  |  | — |  |  | 3 |  |  |  | 3,518 |
Total long-term investments |  | $ | 26,525 |  |  | $ | 5 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | 234 |  |  | $ | 26,721 |
The following table summarizes fair value of the Company's available-for-sale debt securities by remaining contractual maturity as of June 30, 2024 (in thousands):
Due within one year |  | $ | 31,694 |
Due after one year through five years |  |  | 26,721 |
Total investments |  | $ | 58,415 |
As of June 30, 2024, approximately 28 out of approximately 35 investments in available-for-sale debt securities were in an unrealized loss position. The following table shows fair values and gross unrealized losses for available-for-sale debt securities that were in an unrealized loss position, for which an allowance for credit losses has not been recorded, as of June 30, 2024 (in thousands):
|  | June 30, 2024 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 15,897 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | — |  |  | $ | 15,897 |  |  | $ | (8 | )
U.S. Government obligations |  |  | 14,777 |  |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | 14,777 |  |  |  | (7 | )
Total short-term investments |  | $ | 30,674 |  |  | $ | (15 | ) |  | $ | — |  |  | $ | — |  |  | $ | 30,674 |  |  | $ | (15 | )
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 14,677 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | — |  |  | $ | 14,677 |  |  | $ | (8 | )
U.S. Government obligations |  |  | 292 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 292 |  |  |  | — |
Asset-backed Securities |  |  | 2,327 |  |  |  | (35 | ) |  |  | — |  |  |  | — |  |  |  | 2,327 |  |  |  | (35 | )
Total long-term investments |  | $ | 17,296 |  |  | $ | (43 | ) |  | $ | — |  |  | $ | — |  |  | $ | 17,296 |  |  | $ | (43 | )
Unrealized losses have not been recognized into loss as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. Based on the evaluation of available evidence, the Company does not believe any unrealized losses represent other than temporary impairments. During the three and six months ended June 30, 2024, the Company received $0.2 million from the sale of long-term investments. There have been no significant realized gains or losses on the sale of long-term investments during the three and six months ended June 30, 2024.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration