Quarterly report pursuant to Section 13 or 15(d)

Marketable securities - available-for-sale debt securities

v3.23.3
Marketable securities - available-for-sale debt securities
9 Months Ended
Sep. 30, 2023
Marketable securities - available-for-sale debt securities  
Marketable securities - available-for-sale debt securities

Note 7 — Marketable securities – available-for-sale debt securities

As of September 30, 2023, the Company has the following investments in marketable securities (in thousands):

Gross

Gross

Aggregate

Remaining

Amortized

unrealized

unrealized

estimated

    

contractual maturity

    

cost

    

gains

    

losses

    

fair value

Cash equivalents:

 

  

 

  

 

  

 

  

 

  

U.S. Treasury securities

Less than 3 months

7,978

1

7,979

 

  

$

7,978

$

1

$

$

7,979

Available-for-sale debt securities:

 

  

 

  

 

  

 

  

 

  

Corporate debt securities

 

Less than 3 months

$

8,824

$

$

(7)

$

8,817

U.S. Treasury securities

Less than 3 months

59,780

94

(3)

59,871

Agency bonds

Less than 3 months

2,984

(3)

2,981

 

  

$

71,588

$

94

$

(13)

$

71,669

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, 2023 and December 31, 2022 are as follows:

September 30, 2023

December 31, 2022

     

Fair market value of investments in an unrealized loss position

Number of investments in an unrealized loss position

Unrealized losses

Fair market value of investments in an unrealized loss position

Number of investments in an unrealized loss position

Unrealized losses

Marketable securities in a continuous loss position for 12 months or longer:

Corporate debt securities

$

2,377

1

$

(6)

$

74,481

16

$

(679)

Agency bond

4,854

1

(154)

Marketable securities in a continuous loss position for less than 12 months:

Corporate debt securities

 

$

6,440

 

2

$

(1)

 

$

11,283

 

2

 

$

(97)

U.S. Treasury securities

14,894

 

5

 

(3)

 

 

 

Agency bond

2,981

1

(3)

 

$

26,692

 

9

$

(13)

 

$

90,618

 

19

 

$

(930)

As of September 30, 2023, no allowance for expected credit losses has been recognized in relation to securities in an unrealized loss position. This is because the impairments are not severe, do not represent a significant proportion of the total fair market value of the investments and all securities have an investment-grade credit rating. 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.