Investments

9 Months Ended

Sep. 30, 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 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)