Marketable Debt Securities

12 Months Ended

Dec. 31, 2023

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 as of:

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate bonds – presented in marketable debt securities	$	23,525	$	-	$	(30	)	$	23,495
Agency bonds – presented in marketable debt securities		2,500		-		(1	)		2,499
Total	$	26,025	$	-	$	(31	)	$	25,994

	December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate bonds - presented in marketable debt securities	$	60,790	$	-	$	(547	)	$	60,243
Corporate bonds - presented in marketable debt securities, non-current		18,027		-		(141	)		17,886
Total	$	78,817	$	-	$	(688	)	$	78,129

The amount of realized gains and losses reclassified into earnings for the years ended December 31, 2023 and December 31, 2022 was $0 and $17, respectively. These gains were included in investment income within the consolidated statements of operations and comprehensive loss. There were no sales of securities in the periods presented.

The Company has recorded the securities at fair value in its 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 consolidated statements of operations and comprehensive income.

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 December 31, 2023 was 4 months or less. There were no sales of securities in the periods presented.

Credit Losses

Securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of the excess, if any, is caused by expected credit losses. For the year ended December 31, 2023, it was determined that none of the unrealized loss is related to expected credit losses as the Company has the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. Further, the entire portfolio is held with investment grade high credit quality institutions. The Company intends to continue investing only in such securities. Expected credit losses, if they existed, would be recognized in other income (expense), net within the Company’s consolidated statement of operations and comprehensive income. The remaining unrealized losses, not related to credit losses, net of taxes, are included in accumulated other comprehensive loss in stockholders’ equity within the Company’s consolidated balance sheets.

Marketable debt securities in a loss position consist of the following as of: 

	December 31, 2023
	In Continuous Loss Position Less Than 12 Months					In Continuous Loss Position Greater Than 12 Months					Total
	Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
December 31, 2023
Corporate bonds – presented in marketable debt securities	$	19,498	$	(27	)	$	3,997	$	(3	)	$	23,495	$	(30	)
Agency bonds – presented in marketable debt securities		2,499		(1	)		-		-			2,499		(1	)
Total	$	21,997	$	(28	)	$	3,997	$	(3	)	$	25,994	$	(31	)

Interest and Investment Income

Interest and investment income consists of the following for the year ended:

	December 31,
	2023		2022
Interest income	$	2,727	$	2,230
Accretion/(Amortization) of discount/premium, net		454		(1,137	)
Dividend income		12		-
Realized gain/loss		-		17
Total interest and investment income	$	3,193	$	1,110