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Marketable Investments | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Investments | Note 3 — Marketable Investments The following table summarizes the Company’s marketable investments (in thousands):
|  | As of September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Corporate obligations |  | $ | 13,300 |  |  | $ | 105 |  |  | $ | (8 | ) |  | $ | 13,397 |
Money market funds |  |  | 38,781 |  |  |  | — |  |  |  | — |  |  |  | 38,781 |
Total |  | $ | 52,081 |  |  | $ | 105 |  |  | $ | (8 | ) |  | $ | 52,178 |
|  | As of December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Market |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Corporate obligations |  | $ | 18,049 |  |  | $ | — |  |  | $ | (72 | ) |  | $ | 17,977 |
Federal agency obligations |  |  | 2,000 |  |  |  | — |  |  |  | (7 | ) |  |  | 1,993 |
Money market funds |  |  | 31,610 |  |  |  | — |  |  |  | — |  |  |  | 31,610 |
Total |  | $ | 51,659 |  |  | $ | — |  |  | $ | (79 | ) |  | $ | 51,580 |
Realized gains and losses on investments are included in earnings and are determined using the specific identification method. Sales of marketable investments during 2024 primarily represent redemptions from non-U.S. based money market funds, and there were no realized gains or losses on sales of marketable investments during the three and nine months ended September 30, 2024 and 2023. The following table summarizes the maturity periods of the marketable investments in the Company’s portfolio as of September 30, 2024 (in thousands).
|  | FY 2024 |  |  | FY 2025 |  |  | FY 2026 |  |  | FY 2027 |  |  | Total |
Corporate obligations |  | $ | 1,994 |  |  | $ | 6,066 |  |  | $ | 4,322 |  |  | $ | 1,015 |  |  | $ | 13,397 |
Money market funds |  |  | 38,781 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,781 |
Total |  | $ | 40,775 |  |  | $ | 6,066 |  |  | $ | 4,322 |  |  | $ | 1,015 |  |  | $ | 52,178 |
The following table shows the gross unrealized losses and market value of the Company’s available-for-sale securities with unrealized losses that are not deemed to be other-than-temporary, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):
|  | As of September 30, 2024 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |
|  | Market |  |  | Unrealized |  |  | Market |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Corporate obligations |  | $ | — |  |  | $ | — |  |  | $ | 2,983 |  |  | $ | 8 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 2,983 |  |  | $ | 8 |
|  | As of December 31, 2023 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |
|  | Market |  |  | Unrealized |  |  | Market |  |  | Unrealized |
|  | Value |  |  | Losses |  |  | Value |  |  | Losses |
Corporate obligations |  | $ | 13,098 |  |  | $ | 8 |  |  | $ | 4,879 |  |  | $ | 64 |
Federal agency obligations |  |  | — |  |  |  | — |  |  |  | 1,993 |  |  |  | 7 |
Total |  | $ | 13,098 |  |  | $ | 8 |  |  | $ | 6,872 |  |  | $ | 71 |

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