Marketable Debt Securities

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Corporate bonds - presented in marketable debt securities	$	2,993	$	-	$	(1	)	$	2,992
Total	$	2,993	$	-	$	(1	)	$	2,992

	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

The amount of realized gains and losses reclassified into earnings for the three months ended March 31, 2024 and 2023 was $0. Gains, if any, would be included in investment income within the condensed consolidated statements of operations and comprehensive loss.

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 and comprehensive loss.

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 March 31, 2024 was 1 month 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 period ended March 31, 2024, 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 condensed consolidated statements of operations and comprehensive loss. 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 condensed consolidated balance sheets.

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

	As of March 31, 2024
	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
Corporate bonds – presented in marketable debt securities	$	1,993	$	(1	)	$	-	$	-	$	1,993	$	(1	)
Total	$	1,993	$	(1	)	$	-	$	-	$	1,993	$	(1	)

	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
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	)

Investment Income

Interest and investment income consist of the following: 

	For the Three Months Ended March 31,
	2024		2023
Interest income	$	679	$	605
Accretion/(Amortization) of discount/premium, net		68		82
Dividend income		9		-
Total interest and investment income	$	756	$	687