Annual report pursuant to Section 13 and 15(d)

Investments

v3.23.1
Investments
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Available-for-sale Investments
The Company began investing in available-for-sale (“AFS”) investments in the fourth quarter of 2021. The following table summarizes our AFS investments. These are classified as "Short-term investments" on the consolidated balance sheets.

 December 31, 2022
Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value
(In thousands)
U.S. Treasury securities $ 25,124  $ —  $ (423) $ 24,701 
Corporate bonds 23,927  —  (414) 23,513 
Total available-for-sale investments $ 49,051  $ —  $ (837) $ 48,214 

December 31, 2021
Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value
(In thousands)
U.S. Treasury securities $ 8,154  $ —  $ (13) $ 8,141 
Corporate bonds 7,343  1  (2) 7,342 
Total available-for-sale investments $ 15,497  $ 1  $ (15) $ 15,483 
The following table presents the breakdown of the available-for-sale investments in an unrealized loss position as of December 31, 2022 and December 31, 2021, respectively.
December 31, 2022 December 31, 2021
Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss
(In thousands)
U.S. Treasury securities
Less than 12 months $ 16,702  $ (365) $ 8,141  $ (13)
Greater than 12 months $ 7,999  $ (58) $ —  $ — 
Total $ 24,701  $ (423) $ 8,141  $ (13)
Corporate bonds
Less than 12 months $ 18,951  $ (387) $ 5,640  $ (2)
Greater than 12 months $ 1,478  $ (27) $ —  $ — 
Total $ 20,429  $ (414) $ 5,640  $ (2)
The Company does not believe these investments to be other-than-temporarily impaired as of December 31, 2022 and December 31, 2021. There were no material realized gains or losses on AFS investments for the years ended December 31, 2022 and December 31, 2021.
AFS investments with maturities greater than 12 months were $12.4 million at December 31, 2022.