Short-term investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Note 4 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

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	)

The gain recorded in connection with the investment in short-term investments for the three and nine months ended September 30, 2023, was $0.2 million and $0.5 million, respectively, and was recorded as a component of interest income in the condensed consolidated statements of operations. The gain or loss in connection with the investment in short-term investments for the three and nine months ended September 30, 2022 was insignificant. Accrued interest of $1.0 million and $1.4 million is included in short-term investments within the unaudited condensed consolidated balance sheets for the period ended September 30, 2023 and December 31, 2022, respectively.

Unrealized losses on the available-for-sale investment securities as of September 30, 2023 and December 31, 2022 are primarily the result of increases in interest rates as a significant portion of the investments were purchased prior to the Federal reserve commenced interest rate increases in 2022. The Company does not intend to sell nor anticipate that it will be required to sell these investments before recovery of the amortized cost basis. As such, unrealized losses were determined not to be related to credit losses and the Company did not record any credit-related impairment losses on the available-for-sale investment securities during the three and nine months ended September 30, 2023 and 2022.

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