Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Fair Values and Gross Unrealized Gains and Losses on Investments

The following table summarizes adjusted cost, gross unrealized losses, and fair value by significant investment category. The Company’s commercial paper investments are classified as held-to-maturity on its balance sheets as of March 31, 2023 and December 31, 2022, respectively.


	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of March 31, 2023	(In Thousands)





Investments
Commercial paper	$	45,508	$	—	$	(80)	$	45,428	$	45,508
Total investments	$	45,508	$	—	$	(80)	$	45,428	$	45,508

	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of December 31, 2022	(In Thousands)
Investments
Commercial Paper	$	58,733	$	—	$	(144)	$	58,589	$	58,733
Total investments	$	58,733	$	—	$	(144)	$	58,589	$	58,733

Scheduled Maturities

The amortized cost and fair value of held-to-maturity securities as of March 31, 2023 and December 31, 2022, by contractual maturity, are shown below.


As of March 31, 2023	Amortized Cost		Fair Value
	(In Thousands)
Within one year	$	45,508	$	45,428
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	45,508	$	45,428

As of December 31, 2022	Amortized Cost		Fair Value
	(In Thousands)
Within one year	$	58,733	$	58,589
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	58,733	$	58,589

Aging of Unrealized Losses

The Company’s investments had an aggregate gross unrealized loss of $0.1 million as of March 31, 2023 and December 31, 2022, respectively, all of which had been in an unrealized loss position of less than twelve months and are recorded at amortized cost on the Company’s condensed consolidated balance sheet. As of March 31, 2023 and December 31, 2022, the investment portfolio did not have any securities that had been in an unrealized loss position for a period of twelve months or longer.

For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:


	Less than 12 Months					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of March 31, 2023	(Dollars In Thousands)
Investments
Commercial paper	10	$	45,428	$	(80)	10	$	45,428	$	(80)
Total	10	$	45,428	$	(80)	10	$	45,428	$	(80)

	Less than 12 Months					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2022	(Dollars In Thousands)
Investments
Commercial paper	11	$	58,589	$	(144)	11	$	58,589	$	(144)
Total	11	$	58,589	$	(144)	11	$	58,589	$	(144)