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, net of

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


	2024
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value


Government securities - U.S.	$	22,242	$	164	$	—	$	22,406
Total	$	22,242	$	164	$	—	$	22,406


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

The Company recognized gross realized gains of $1,625, $988 and $584 for the years ended December 31, 2024, 2023 and 2022, respectively. These realized gains were offset by no gross realized losses for the year ended December 31, 2024 and gross realized losses of $2,791 and $2,338 for the years ended December 31, 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 December 31, 2024:


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


Government securities - U.S.	$	22,406	$	—	$	—	$	—	$	22,406


Total	$	22,406	$	—	$	—	$	—	$	22,406

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.