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Short-term investments (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of Short-term Investments | Below is a summary of short-term investments, which are measured at fair value as of September 30, 2023 (in thousands):
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Corporate bonds |  | $ | 90,860 |  |  | $ | 257 |  |  | $ | (937 | ) |  | $ | 90,180 |
Asset-backed securities |  |  | 1,276 |  |  |  | 9 |  |  |  | (4 | ) |  |  | 1,281 |
Government securities |  |  | 32,953 |  |  |  | 204 |  |  |  | (37 | ) |  |  | 33,120 |
Total |  | $ | 125,089 |  |  | $ | 470 |  |  | $ | (978 | ) |  | $ | 124,581 |
Below is a summary of short-term investments, which are measured at fair value as of December 31, 2022 (in thousands):
|  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
Corporate bonds |  | $ | 151,245 |  |  | $ | 100 |  |  | $ | (1,769 | ) |  | $ | 149,576 |  |
Asset-backed securities |  |  | 16,269 |  |  |  | 31 |  |  |  | (46 | ) |  |  | 16,254 |  |
Government securities |  |  | 2,950 |  |  |  | 9 |  |  |  | - |  |  |  | 2,959 |  |
Total |  | $ | 170,464 |  |  | $ | 140 |  |  | $ | (1,815 | ) |  | $ | 168,789 |  |
Schedule of Gross Unrealized Losses and Fair Values of Available-for-sale Investment Securities that were in Unrealized Loss Positions | The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
September 30, 2023 |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 19,628 |  |  | $ | (151 | ) |  | $ | 36,484 |  |  | $ | (786 | ) |  | $ | 56,113 |  |  | $ | (937 | )
Asset-backed securities |  |  | - |  |  |  | - |  |  |  | 482 |  |  |  | (4 | ) |  |  | 482 |  |  |  | (4 | )
Government securities |  |  | 4,538 |  |  |  | (37 | ) |  |  | - |  |  |  | - |  |  |  | 4,538 |  |  |  | (37 | )
Total |  | $ | 24,166 |  |  | $ | (188 | ) |  | $ | 36,966 |  |  | $ | (790 | ) |  | $ | 61,133 |  |  | $ | (978 | )
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
December 31, 2022 |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 129,573 |  |  | $ | (1,769 | ) |  | $ | - |  |  | $ | - |  |  | $ | 129,573 |  |  | $ | (1,769 | )
Asset-backed securities |  |  | 11,000 |  |  |  | (46 | ) |  |  | - |  |  |  | - |  |  |  | 11,000 |  |  |  | (46 | )
Government securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 140,573 |  |  | $ | (1,815 | ) |  | $ | - |  |  | $ | - |  |  | $ | 140,573 |  |  | $ | (1,815 | )
Schedule of Contractual Maturities of Available-for-sale Investment Securities | As of September 30, 2023, the contractual maturities of available-for-sale investment securities were as follows (in thousands):
|  | Amortized Cost |  |  | Fair Value |  |
Due in one year or less |  | $ | 91,418 |  |  | $ | 91,629 |  |
Due after one year through five years |  | $ | 33,671 |  |  | $ | 32,952 |  |
Total |  | $ | 125,089 |  |  | $ | 124,581 |  |

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