| Marketable securities - available-for-sale debt securities |
Note 7 — Marketable securities – available-for-sale debt securities
As of September 30, 2022, the Company has the following investments in marketable securities (in thousands):
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Gross |
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Gross |
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Aggregate |
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Remaining |
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Amortized |
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unrealized |
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unrealized |
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estimated |
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contractual maturity |
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cost |
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gains |
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losses |
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fair value |
Available-for-sale debt securities: |
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Corporate debt securities |
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Less than 3 months |
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$ |
12,410 |
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$ |
— |
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$ |
(43) |
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$ |
12,367 |
U.S. Treasury securities |
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Less than 3 months |
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18,117 |
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— |
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(51) |
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18,066 |
Agency bonds |
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3 months to 1 year |
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5,000 |
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— |
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(168) |
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4,832 |
Corporate debt securities |
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3 months to 1 year |
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84,319 |
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— |
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(1,277) |
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83,042 |
Corporate debt securities |
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1 year to 2 years |
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2,447 |
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— |
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(85) |
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2,362 |
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$ |
122,293 |
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$ |
— |
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$ |
(1,624) |
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$ |
120,669 |
The aggregate fair value (in thousands) and number of securities held by the Company (including those classified as cash equivalents) in an unrealized loss position as of September 30, 2022 and December 31, 2021 are as follows:
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September 30, 2022 |
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December 31, 2021 |
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Fair market value of investments in an unrealized loss position |
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Number of investments in an unrealized loss position |
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Unrealized losses |
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Fair market value of investments in an unrealized loss position |
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Number of investments in an unrealized loss position |
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Unrealized losses |
Marketable securities in a continuous loss position for 12 months or longer: |
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Corporate debt securities |
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$ |
34,519 |
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6 |
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$ |
(393) |
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$ |
8,232 |
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1 |
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(35) |
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Marketable securities in a continuous loss position for less than 12 months: |
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Corporate debt securities |
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$ |
63,252 |
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14 |
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$ |
(1,012) |
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$ |
163,258 |
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34 |
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$ |
(348) |
U.S. Treasury securities |
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18,066 |
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3 |
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(51) |
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— |
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— |
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— |
Agency bond |
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4,832 |
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1 |
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(168) |
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4,993 |
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1 |
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(7) |
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$ |
120,669 |
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24 |
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$ |
(1,624) |
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$ |
176,483 |
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36 |
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$ |
(390) |
As of September 30, 2022, the securities in an unrealized loss position are not considered to be other than temporarily impaired because the impairments are not severe and have been for a short duration. Six securities have been in an unrealized loss position for more than one year with a net total unrealized loss of $393,000. Furthermore, the Company does not intend to sell the debt securities in an unrealized loss position, believes that it has the ability to hold the debt securities to maturity, and it is currently unlikely that the Company will be required to sell these securities before the recovery of the amortized cost.
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