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Available-for-sale Securities and Fair Value on Financial Instruments | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Available-for-sale Securities and Fair Value on Financial Instruments | Note 2. Available-for-sale Securities and Fair Value on Financial Instruments Available-for-sale Securities The following is a summary of available-for-sale securities at September 30, 2024 (in thousands):
|  | September 30, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Allowance for Credit Loss |  |  | Fair Value |
Money market funds |  | $ | 7,639 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,639 |
United States government agency securities |  |  | 23,819 |  |  |  | 120 |  |  |  | (37 | ) |  |  | — |  |  |  | 23,902 |
Corporate debt securities |  |  | 27,047 |  |  |  | 119 |  |  |  | (37 | ) |  |  | — |  |  |  | 27,129 |
Mortgage-backed securities |  |  | 3,148 |  |  |  | 11 |  |  |  | (200 | ) |  |  | — |  |  |  | 2,959 |
Total available-for-sale securities |  | $ | 61,653 |  |  | $ | 250 |  |  | $ | (274 | ) |  | $ | — |  |  | $ | 61,629 |
The following is a summary of available-for-sale securities at December 31, 2023 (in thousands):
|  | December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Allowance for Credit Loss |  |  | Fair Value |
Money market funds |  | $ | 5,062 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,062 |
United States government agency securities |  |  | 19,652 |  |  |  | 16 |  |  |  | (314 | ) |  |  | — |  |  |  | 19,354 |
Corporate debt securities |  |  | 32,395 |  |  |  | 3 |  |  |  | (638 | ) |  |  | — |  |  |  | 31,760 |
Mortgage-backed securities |  |  | 3,347 |  |  |  | 7 |  |  |  | (263 | ) |  |  | — |  |  |  | 3,091 |
Total available-for-sale securities |  | $ | 60,456 |  |  | $ | 26 |  |  | $ | (1,215 | ) |  | $ | — |  |  | $ | 59,267 |
Available-for-sale securities at September 30, 2024 and December 31, 2023, consisted of the following by contractual maturity (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
One year or less |  | $ | 38,752 |  |  | $ | 38,717 |  |  | $ | 42,598 |  |  | $ | 41,789 |
Greater than one year and less than five years |  |  | 22,901 |  |  |  | 22,912 |  |  |  | 17,858 |  |  |  | 17,478 |
Total available-for-sale securities |  | $ | 61,653 |  |  | $ | 61,629 |  |  | $ | 60,456 |  |  | $ | 59,267 |
The following tables show all available-for-sale marketable securities in an unrealized loss position for which an allowance for credit losses has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
| September 30, 2024 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 944 |  |  | $ | (2 | ) |  | $ | 12,451 |  |  | $ | (35 | ) |  | $ | 13,395 |  |  | $ | (37 | )
United States government agency securities |  | — |  |  |  | — |  |  |  | 11,571 |  |  |  | (37 | ) |  |  | 11,571 |  |  |  | (37 | )
Mortgage-backed securities |  | — |  |  |  | — |  |  |  | 2,527 |  |  |  | (200 | ) |  |  | 2,527 |  |  |  | (200 | )
Total | $ | 944 |  |  | $ | (2 | ) |  | $ | 26,549 |  |  | $ | (272 | ) |  | $ | 27,493 |  |  | $ | (274 | )
| December 31, 2023 |
| Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |
| Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Corporate debt securities | $ | 1,466 |  |  | $ | (12 | ) |  | $ | 29,647 |  |  | $ | (626 | ) |  | $ | 31,113 |  |  | $ | (638 | )
United States government agency securities |  | 4,855 |  |  |  | (25 | ) |  |  | 10,991 |  |  |  | (289 | ) |  |  | 15,846 |  |  |  | (314 | )
Mortgage-backed securities |  | 242 |  |  |  | (1 | ) |  |  | 2,647 |  |  |  | (262 | ) |  |  | 2,889 |  |  |  | (263 | )
Total | $ | 6,563 |  |  | $ | (38 | ) |  | $ | 43,285 |  |  | $ | (1,177 | ) |  | $ | 49,848 |  |  | $ | (1,215 | )
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at September 30, 2024 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 7,639 |  |  | $ | 7,639 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 23,902 |  |  |  | — |  |  |  | 23,902 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 27,129 |  |  |  | — |  |  |  | 27,129 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 2,959 |  |  |  | — |  |  |  | 2,959 |  |  |  | — |
Total short-term investments |  |  |  | $ | 61,629 |  |  | $ | 7,639 |  |  | $ | 53,990 |  |  | $ | — |
The fair values of the Company’s financial assets and liabilities were determined using the following inputs at December 31, 2023 (in thousands):
|  | Balance sheet |  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | classification |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Money market funds |  | Cash and cash equivalents |  | $ | 5,062 |  |  | $ | 5,062 |  |  | $ | — |  |  | $ | — |
United States government agency securities |  | Short-term investments |  |  | 19,354 |  |  |  | — |  |  |  | 19,354 |  |  |  | — |
Corporate debt securities |  | Short-term investments |  |  | 31,760 |  |  |  | — |  |  |  | 31,760 |  |  |  | — |
Mortgage-backed securities |  | Short-term investments |  |  | 3,091 |  |  |  | — |  |  |  | 3,091 |  |  |  | — |
Total short-term investments |  |  |  | $ | 59,267 |  |  | $ | 5,062 |  |  | $ | 54,205 |  |  | $ | — |
The Company did not have any transfers among fair value measurement levels during the three and nine months ended September 30, 2024 and 2023.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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