Investments

3 Months Ended

Mar. 31, 2024

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 U.S. treasury securities and commercial paper investments with original maturities greater than 90 days are classified as held-to-maturity investments and commercial paper investments with original maturities of 90 days or less are classified as cash equivalents on its condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively.


	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of March 31, 2024	(In Thousands)





Investments
U.S. treasury securities	$	5,012	$	—	$	(2)	$	5,010	$	5,012
Commercial paper	16,829		$	—	(19)		16,810		16,829
Total investments	$	21,841	$	—	$	(21)	$	21,820	$	21,841

	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of December 31, 2023	(In Thousands)
Cash equivalents
Commercial paper	$	4,976	$	10	$	—	$	4,986	$	4,976
Total cash equivalents	$	4,976	$	10	$	—	$	4,986	$	4,976

Investments
Commercial Paper	$	16,799	$	—	$	(10)	$	16,789	$	16,799
Total investments	$	16,799	$	—	$	(10)	$	16,789	$	16,799

Scheduled Maturities

The amortized cost and fair value of held-to-maturity securities as of March 31, 2024 and December 31, 2023, by contractual maturity, are shown below.


As of March 31, 2024	Amortized Cost		Fair Value
	(In Thousands)
Within one year	$	21,841	$	21,820
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	21,841	$	21,820

As of December 31, 2023	Amortized Cost		Fair Value
	(In Thousands)
Within one year	$	16,799	$	16,789
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	16,799	$	16,789

Aging of Unrealized Losses

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, 2024	(Dollars In Thousands)
Investments
U.S. treasury securities	1	$	5,010	$	(2)	1	$	5,010	$	(2)
Commercial paper	4	16,810		(19)		4	16,810		(19)
Total	5	$	21,820	$	(21)	5	$	21,820	$	(21)

	Less than 12 Months					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2023	(Dollars In Thousands)
Investments
Commercial paper	4	$	16,789	$	(10)	4	$	16,789	$	(10)
Total	4	$	16,789	$	(10)	4	$	16,789	$	(10)