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Investments | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments 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 with original maturities greater than 90 days are classified as held-to-maturity investments on its balance sheets as of September 30, 2023 and December 31, 2022, respectively. The Company’s commercial paper investments with original maturities of 90 days or less are classified as cash equivalents on its balance sheets as of September 30, 2023 and December 31, 2022, respectively.
| Amortized Cost |  | Gross Unrealized |  | Fair Value |  | Net Carrying Value
|  | Gains |  | Losses |  |
As of September 30, 2023 | (In Thousands)
Cash equivalents |  |  |  |  |  |  |  |  |
Commercial paper | $ | 2,964 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2,966 |  |  | $ | 2,964 |
Total cash equivalents | $ | 2,964 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2,966 |  |  | $ | 2,964 |
Investments |  |  |  |  |  |  |  |  |
Commercial paper | $ | 20,732 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 20,716 |  |  | $ | 20,732 |
Total investments | $ | 20,732 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 20,716 |  |  | $ | 20,732 |
| 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 September 30, 2023 and December 31, 2022, by contractual maturity, are shown below.
As of September 30, 2023 | Amortized Cost |  | Fair Value
| (In Thousands)
Within one year | $ | 20,732 |  |  | $ | 20,716 |
After one year through five years | — |  |  | — |
After 5 years through 10 years | — |  |  | — |
After 10 years | — |  |  | — |
Total investments | $ | 20,732 |  |  | $ | 20,716 |
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 $16 thousand and $0.1 million as of September 30, 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 sheets. As of September 30, 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 September 30, 2023 | (Dollars In Thousands)
Investments |  |  |  |  |  |  |  |  |  |  |
Commercial paper | 4 |  |  | $ | 20,716 |  |  | $ | (16) |  |  | 4 |  |  | $ | 20,716 |  |  | $ | (16) |
Total | 4 |  |  | $ | 20,716 |  |  | $ | (16) |  |  | 4 |  |  | $ | 20,716 |  |  | $ | (16) |
| 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) |

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