Investments in Available-for-Sale Securities

3 Months Ended

Mar. 31, 2023

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:

	March 31, 2023
			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains		Losses			Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	25,408	$	—	$	(20)	$	—	$	25,388
Corporate notes and bonds		6,745		13		(30)		—		6,728
Total Investments	$	32,153	$	13	$	(50)	$	—	$	32,116

	December 31, 2022
			Gross					Allowance
			Unrealized					for - Credit	Fair
	Cost Basis		Gains			Losses		Losses	Value
	(In thousands)
Available-for-sale:
U.S. government and agency securities	$	28,325	$	1	$	(25)	$	—	$	28,301
Corporate notes and bonds		8,689		20		(17)		—		8,692
Total Investments	$	37,014	$	21	$	(42)	$	—	$	36,993

The aggregate fair value of investments with unrealized losses that had been owned for less than a year was $16.6 million and $22.6 million at March 31, 2023 and December 31, 2022, respectively. The aggregate fair value of investments with unrealized losses that were owned for over a year was $0.0 million at March 31, 2023 and December 31, 2022, respectively. The unrealized losses in the Company’s portfolio at March 31, 2023 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 March 31, 2023 have maturity dates ranging from the second 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 if needed.