Investments

6 Months Ended

Jun. 30, 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 gains and losses, and fair value by significant investment category. The Company’s U.S. treasury 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 June 30, 2024 and December 31, 2023, respectively.


	Amortized Cost		Gross Unrealized				Fair Value		Net Carrying Value
			Gains		Losses
As of June 30, 2024	(In Thousands)
Cash equivalents

Commercial paper	$	4,937	$	6	$	—	$	4,943	$	4,937
Total cash equivalents	$	4,937	$	6	$	—	$	4,943	$	4,937

Investments
U.S. treasury securities	$	3,502	$	—	$	(2)	$	3,500	$	3,502
Commercial paper	10,871		$	—	(11)		10,860		10,871
Total investments	$	14,373	$	—	$	(13)	$	14,360	$	14,373

	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 June 30, 2024 and December 31, 2023, by contractual maturity, are shown below.


As of June 30, 2024	Amortized Cost		Fair Value
	(In Thousands)
Within one year	$	14,373	$	14,360
After one year through five years	—		—
After 5 years through 10 years	—		—
After 10 years	—		—
Total investments	$	14,373	$	14,360

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 June 30, 2024	(Dollars In Thousands)
Investments
U.S. treasury securities	1	$	3,500	$	(2)	1	$	3,500	$	(2)
Commercial paper	3	10,860		(11)		3	10,860		(11)
Total	4	$	14,360	$	(13)	4	$	14,360	$	(13)

	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)