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Note 7 — Marketable securities – available-for-sale debt securities
As of March 31, 2025, the Company had 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 |
Cash equivalents: |
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U.S. Treasury securities |
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Less than 3 months |
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$ |
6,988 |
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$ |
— |
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$ |
— |
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$ |
6,988 |
Corporate debt securities |
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Less than 3 months |
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2,205 |
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— |
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— |
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2,205 |
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$ |
9,193 |
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$ |
— |
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$ |
— |
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$ |
9,193 |
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Available-for-sale debt securities: |
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Corporate debt securities |
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Less than 3 months |
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6,582 |
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— |
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(2) |
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6,580 |
U.S. Treasury securities |
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Less than 3 months |
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11,930 |
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— |
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(1) |
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11,929 |
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$ |
18,512 |
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$ |
— |
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$ |
(3) |
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$ |
18,509 |
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 March 31, 2025 and December 31, 2024 are as follows:
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 March 31, 2025 and December 31, 2024 are as follows: |
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March 31, 2025 |
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December 31, 2024 |
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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 less than 12 months: |
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Corporate debt securities |
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$ |
7,263 |
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3 |
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$ |
(2) |
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$ |
4,679 |
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2 |
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$ |
(3) |
U.S. Treasury securities |
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18,918 |
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6 |
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(1) |
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— |
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— |
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— |
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$ |
26,181 |
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9 |
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$ |
(3) |
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$ |
4,679 |
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2 |
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$ |
(3) |
As of March 31, 2025, no allowance for expected credit losses has been recognized in relation to the securities in an unrealized loss position. This is because the unrealized losses are not severe and do not represent a significant proportion of the total fair market value of the investments and the security has an investment-grade credit rating.
During the three months ended March 31, 2025, the Company sold investments in marketable securities with a principal of $4,940,000 (based on the specific identification method) for proceeds of $4,940,000.
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