| Marketable securities - available-for-sale debt securities |
Note 7 — Marketable securities – available-for-sale debt securities
As of March 31, 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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$ |
49,028 |
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$ |
26 |
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$ |
(10) |
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$ |
49,044 |
Corporate debt securities |
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3 months to 1 year |
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78,123 |
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— |
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(623) |
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77,500 |
U.S. Treasury securities |
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3 months to 1 year |
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42,192 |
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— |
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(48) |
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42,144 |
Agency bonds |
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1 year to 2 years |
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5,000 |
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— |
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(110) |
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4,890 |
Corporate debt securities |
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1 year to 2 years |
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41,848 |
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— |
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(747) |
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41,101 |
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$ |
216,191 |
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$ |
26 |
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$ |
(1,538) |
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$ |
214,679 |
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, 2022 and 31 December, 2021 are as follows:
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March 31, 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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$ |
29,672 |
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5 |
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$ |
(275) |
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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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$ |
112,253 |
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24 |
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$ |
(1,105) |
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$ |
163,258 |
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34 |
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$ |
(348) |
U.S. Treasury securities |
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42,144 |
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9 |
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(48) |
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— |
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— |
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— |
Agency bond |
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4,890 |
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1 |
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(110) |
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4,993 |
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1 |
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(7) |
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$ |
188,959 |
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39 |
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$ |
(1,538) |
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$ |
176,483 |
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36 |
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$ |
(390) |
As of March 31, 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. Five securities have been in an unrealized loss position for more than one year with a net total unrealized loss of $275,000. 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 unlikely that the Company will be required to sell these securities before the recovery of the amortized cost.
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