| Investments |
Investments Available-for-sale Investments
The following table summarizes the Company’s available-for-sale (“AFS”) investments. These are classified as “Short-term investments” on the condensed consolidated balance sheets.
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June 30, 2023 |
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Amortized Cost |
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Gross Unrealized Gain |
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Gross Unrealized Loss |
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Fair Value |
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(In thousands) |
| U.S. Treasury securities |
$ |
10,534 |
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$ |
— |
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$ |
(176) |
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$ |
10,358 |
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| Corporate bonds |
8,342 |
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— |
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(225) |
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8,117 |
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| Total available-for-sale investments |
$ |
18,876 |
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$ |
— |
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$ |
(401) |
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$ |
18,475 |
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December 31, 2022 |
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Amortized Cost |
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Gross Unrealized Gain |
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Gross Unrealized Loss |
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Fair Value |
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(In thousands) |
| U.S. Treasury securities |
$ |
25,124 |
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$ |
— |
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$ |
(423) |
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$ |
24,701 |
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| Corporate bonds |
23,927 |
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— |
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(414) |
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23,513 |
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| Total available-for-sale investments |
$ |
49,051 |
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$ |
— |
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$ |
(837) |
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$ |
48,214 |
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The following table presents the breakdown of the AFS investments in an unrealized loss position as of June 30, 2023 and December 31, 2022, respectively.
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June 30, 2023 |
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December 31, 2022 |
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Fair Value |
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Gross Unrealized Loss |
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Fair Value |
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Gross Unrealized Loss |
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(In thousands) |
| U.S. Treasury securities |
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| Less than 12 months |
$ |
— |
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$ |
— |
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$ |
16,702 |
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$ |
(365) |
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| 12 months or longer |
10,358 |
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(176) |
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7,999 |
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(58) |
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| Total |
$ |
10,358 |
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$ |
(176) |
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$ |
24,701 |
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$ |
(423) |
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| Corporate bonds |
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| Less than 12 months |
$ |
— |
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$ |
— |
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$ |
18,951 |
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$ |
(387) |
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| 12 months or longer |
8,117 |
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(225) |
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1,478 |
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(27) |
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| Total |
$ |
8,117 |
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$ |
(225) |
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$ |
20,429 |
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$ |
(414) |
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The Company does not believe these AFS investments to be other-than-temporarily impaired as of June 30, 2023 and December 31, 2022.
There were no material realized gains or losses on AFS investments during the six months ended June 30, 2023 and June 30, 2022.
All remaining contractual maturities of AFS investments held at June 30, 2023 are as follows:
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Less than 12 months |
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Greater than 12 months |
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Fair value |
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Gross unrealized losses |
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Fair value |
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Gross unrealized losses |
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(In thousands) |
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| Corporate bonds |
$ |
3,444 |
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$ |
(81) |
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$ |
4,673 |
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$ |
(144) |
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| U.S. Treasury securities |
10,358 |
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(176) |
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— |
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— |
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| Total |
$ |
13,802 |
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$ |
(257) |
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$ |
4,673 |
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$ |
(144) |
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Actual maturities may differ from the contractual maturities because the Company may sell these investments prior to their contractual maturities.
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