Marketable Securities

9 Months Ended

Sep. 30, 2024

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


	September 30, 2024
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value



Government securities - U.S.	$	37,025	$	200	$	—	$	37,225

Total	$	37,025	$	200	$	—	$	37,225


	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 $331 and no gross realized losses for three months ended September 30, 2024. The Company recognized gross realized gains of $1,438 and no gross realized losses for the nine months ended September 30, 2024.

The Company recognized gross realized gains of $268 and gross realized losses of $283 for the three months ended September 30, 2023. The Company recognized gross realized gains of $269 and gross realized losses of $344 for the nine months ended September 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 September 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.	$	37,225	$	—	$	—	$	—	$	37,225


Total	$	37,225	$	—	$	—	$	—	$	37,225

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