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Short-term investments (Tables)
 9 Months Ended
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