Investments in Available-for-Sale Securities

9 Months Ended

Sep. 30, 2022

Investments in Available-for-Sale Securities

Investments in Available-for-Sale Securities

5. Investments in Available-for-Sale Securities

The Company has invested in marketable debt securities, primarily highly liquid U.S. Treasury securities and investment grade corporate bonds. These investments are held in the custody of a major financial institution. These securities are classified as available-for-sale securities and, accordingly, the unrealized gains and losses are recorded through other comprehensive income.

The Company’s investments in available-for-sale marketable securities are as follows:

	September 30, 2022
			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	10,675	$	—	$	(4)	$	—	$	10,671
Corporate notes and bonds		—		—		—		—		—
Total Investments	$	10,675	$	—	$	(4)	$	—	$	10,671

	December 31, 2021
			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	6,074	$	—	$	(71)	$	—	$	6,003
Corporate notes and bonds		8,571		—		(111)		—		8,460
Total Investments	$	14,645	$	—	$	(182)	$	—	$	14,463

During the six months ended June 30, 2022, the Company liquidated its investments held at December 31, 2021. For investments purchased in the third quarter of 2022, the aggregate fair value of investments with unrealized losses that had been owned for less than a year was less than $0.1 million at September 30, 2022. The unrealized losses in the Company’s portfolio at September 30, 2022 are the result of normal market fluctuations. The Company does not intend to sell these investments before recovery of their amortized cost base.

The debt securities outstanding at September 30, 2022 have maturity dates ranging from the first quarter of 2023 through the first quarter of 2024.The Company classifies its investments as current based on the nature of the investments and their availability to provide cash for use in current operations.