Marketable Debt Securities

9 Months Ended

Sep. 30, 2022

Marketable Debt Securities [Abstract]

Marketable Debt Securities

4. Marketable Debt Securities

Marketable debt securities, all of which were classified as available-for-sale, consist of the following:

	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate bonds - presented in marketable debt securities	$	49,511	$	-	$	(692	)	$	48,819
Corporate bonds - presented in marketable debt securities, non-current		11,198		-		(438	)		10,760
Total	$	60,709	$	-	$	(1,130	)	$	59,579

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate bonds - presented in marketable debt securities	$	55,548	$	-	$	(43	)	$	55,505
Corporate bonds - presented in marketable debt securities, non-current		39,635		-		(168	)		39,467
Total	$	95,183	$	-	$	(211	)	$	94,972

The Company has recorded the securities at fair value in its condensed consolidated balance sheets and unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold or securities that reached maturity date. The amount of realized gains and losses reclassified into earnings have not been material to the Company’s condensed consolidated statements of operations.

At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. The contractual maturities of all securities held at September 30, 2022 was 15 months or less. There were no sales of securities in the periods presented.

Of the 29 securities in a loss position held by the Company, there were 12 securities in a continuous unrealized loss position for greater than twelve months at September 30, 2022. The total unrealized loss related to these securities was $375 and was not material. The Company has the ability to hold such securities with an unrealized loss until its forecasted recovery. The Company determined that there was no material change in the credit risk of the above investments. No other than temporary impairment loss has been recorded on the securities as of September 30, 2022, as the Company believes that any decrease in fair value of these securities is temporary and the Company expects to recover at least up to the initial cost of the investment for these securities.

Investment Income

Investment income consists of the following:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2022			2021			2022			2021
Interest income	$	557		$	547		$	1,598		$	1,458
Accretion/(amortization) of discount/premium, net		(274	)		(494	)		(1,030	)		(1,280	)
Total interest and investment income	$	283		$	53		$	568		$	178