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Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities 

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, net of income tax effects. As of June 30, 2024, 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 June 30, 2024 and December 31, 2023, respectively:

						June 30, 2024
Marketable Securities:						Adjusted Cost						Unrealized Gains						Unrealized Losses						Fair Value
Government securities - U.S.						$	42,320					$	215					$	—					$	42,535
Total						$	42,320					$	215					$	—					$	42,535

						December 31, 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

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 $709 and no gross realized losses for the three months ended June 30, 2024. The Company recognized gross realized gains of $1,107 and no gross realized losses for the six months ended June 30, 2024. The Company recognized immaterial gross realized gains and losses for the three and six months ended June 30, 2023.

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 June 30, 2024:

						Maturities
Marketable Debt Securities:						Less than 1 Year						1-5 Years						5-10 Years						Greater than 10 Years						Total
Government securities - U.S.						$	42,535					$	—					$	—					$	—					$	42,535
Total						$	42,535					$	—					$	—					$	—					$	42,535

The Company has classified its investment in available-for-sale marketable debt securities as current assets in the condensed 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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