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Note 7 — Marketable securities – available-for-sale debt securities
As of September 30, 2024, 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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$ |
3,996 |
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$ |
— |
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$ |
— |
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$ |
3,996 |
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$ |
3,996 |
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$ |
— |
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$ |
— |
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$ |
3,996 |
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Available-for-sale debt securities: |
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Agency bonds |
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Less than 3 months |
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$ |
10,072 |
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$ |
9 |
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$ |
— |
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$ |
10,081 |
Corporate debt securities |
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Less than 3 months |
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15,172 |
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3 |
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(1) |
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15,174 |
U.S. Treasury securities |
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Less than 3 months |
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18,867 |
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13 |
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— |
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18,880 |
Agency bonds |
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3 months to 1 year |
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6,926 |
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9 |
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— |
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6,935 |
Corporate debt securities |
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3 months to 1 year |
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1,994 |
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3 |
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— |
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1,997 |
U.S. Treasury securities |
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3 months to 1 year |
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16,262 |
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20 |
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— |
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16,282 |
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$ |
69,293 |
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$ |
57 |
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$ |
(1) |
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$ |
69,349 |
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, 2024 and December 31, 2023 are as follows:
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September 30, 2024 |
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December 31, 2023 |
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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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$ |
1,481 |
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1 |
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$ |
— |
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$ |
1,600 |
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1 |
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$ |
(1) |
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$ |
1,481 |
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1 |
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$ |
— |
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$ |
1,600 |
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1 |
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$ |
(1) |
As of September 30, 2024, no allowance for expected credit losses has been recognized in relation to the security in an unrealized loss position. This is because the unrealized loss is not severe, does not represent a significant proportion of the total fair market value of the investment and the security has an investment-grade credit rating. Furthermore, the Company does not intend to sell the debt security in an unrealized loss position, believes that it has the ability to hold the debt security to maturity, and it is currently unlikely that the Company will be required to sell this security before the recovery of the amortized cost.
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