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Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities 

The Company has investments in available-for-sale debt securities that 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 December 31, 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 December 31, 2023 and 2022, respectively:

						2023
Marketable Securities:						Adjusted Cost						Unrealized Gains						Unrealized Losses						Fair Value
Government securities - U.S.						$	72,990					$	954					$	—					$	73,944
Total						$	72,990					$	954					$	—					$	73,944

						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 (expense), net in the accompanying consolidated statements of loss.

The Company recognized gross realized gains of $988, $584 and $174 for the twelve months ended December 31, 2023, 2022 and 2021, respectively. These realized gains were offset by realized losses of $2,791, $2,338 and $275 for the twelve-months ended December 31, 2023, 2022 and 2021, 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 December 31, 2023:

						Maturities
Marketable Debt Securities:						Less than 1 Year						1-5 Years						5-10 Years						Greater than 10 Years						Total
Government securities - U.S.						$	73,944					$	—					$	—					$	—					$	73,944
Total						$	73,944					$	—					$	—					$	—					$	73,944

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.

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- Definition

The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

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- References

No definition available.

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