Marketable Securities

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

The Company has investments in available-for-sale debt securities which are recorded at fair market value. The change in the fair value of available-for-sale debt investments is recorded as accumulated other comprehensive loss in shareholders’ equity (deficit), net of income tax effects. As of September 30, 2023, the Company considered any decreases in fair value on its marketable securities to be driven by factors other than credit risk, including market risk.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of September 30, 2023 and December 31, 2022, respectively:


	September 30, 2023
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	16,497	$	—	$	(2,209)	$	14,288

Government securities - U.S.	86,250		830		—		87,080

Total	$	102,747	$	830	$	(2,209)	$	101,368


	December 31, 2022
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	24,407	$	—	$	(1,889)	$	22,518



Total	$	24,407	$	—	$	(1,889)	$	22,518

The Company determines realized gains or losses on the sale of marketable securities on a specific identification method. The Company reflects these gains and losses as a component of investment and other income, net in the accompanying unaudited condensed consolidated statements of loss.

The Company recognized gross realized gains of $268 and $64 for the three months ended September 30, 2023 and 2022, respectively. These realized gains were offset by gross realized losses of $283 and $61 for the three months ended September 30, 2023 and 2022, respectively. We recognized gross realized gains of $269 and $372 for the nine months ended September 30, 2023 and 2022, respectively. These realized gains were offset by gross realized losses of $344 and $1,092 for the nine months ended September 30, 2023 and 2022, respectively.

The following table summarizes the estimated fair value of the Company’s investments in marketable debt securities, accounted for as available-for-sale debt securities and classified by the contractual maturity date of the securities as of September 30, 2023:


	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total


Government securities - U.S.	$	87,080	$	—	$	—	$	—	$	87,080


Total	$	87,080	$	—	$	—	$	—	$	87,080

The Company has classified its investment in available-for-sale marketable debt securities as current assets in the consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in the Company’s investment portfolio.

The Company does not intend to sell the investments and it is not more likely than not that it will be required to sell the investments before recovery of their amortized cost bases.