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Marketable Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company invests in short-term and long-term agency, municipal, corporate and other debt securities. The securities are categorized as available-for-sale and are recorded at fair value. The following table summarizes information regarding the Company’s short-term and long-term marketable securities as of June 30, 2024 and December 31, 2023:
June 30, 2024
(in thousands)CostUnrealized GainsUnrealized LossesFair Value
U.S. government agency securities$13,310 $— $(178)$13,132 
U.S. municipal securities3,699 — (39)3,660 
Total marketable securities$17,009 $— $(217)$16,792 
December 31, 2023
(in thousands)CostUnrealized GainsUnrealized LossesFair Value
U.S. government agency securities$16,798 $— $(278)$16,520 
Corporate debt securities2,511 — (19)2,492 
U.S. municipal securities7,876 — (105)7,771 
Certificates of deposit/time deposits249 — — 249 
Total marketable securities$27,434 $— $(402)$27,032 
Fair values for the corporate debt securities are primarily determined based on quoted market prices (Level 1). Fair values for the U.S. municipal securities, U.S. government agency securities, certificates of deposit and U.S. treasury securities are primarily determined using dealer quotes or quoted market prices for similar securities (Level 2).
Classification of marketable securities as current or non-current is based upon the security’s maturity date as of the date of these financial statements.
The June 30, 2024 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(in thousands)June 30,
2024
Due in one year or less$16,792 
Due after one year through five years— 
Total marketable securities$16,792