MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2024

The Company’s marketable securities consisted of the following (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	172,005	$	19	$	(271)	$	171,753

Government and agency - U.S.	33,820		12		(3)		33,829
Total available-for-sale securities, short-term	205,825		31		(274)		205,582
Available-for-sale securities, long-term
Corporate debt securities	39,065		88		—		39,153
Government and agency - U.S.	4,945		10		—		4,955
Total available-for-sale securities, long-term	44,010		98		—		44,108
Total available-for-sale securities	$	249,835	$	129	$	(274)	$	249,690


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	144,184	$	97	$	(191)	$	144,090

Government and agency - U.S.	32,470		82		(6)		32,546
Total available-for-sale securities, short-term	176,654		179		(197)		176,636
Available-for-sale securities, long-term
Corporate debt securities	57,240		320		(15)		57,545
Government and agency - U.S.	4,985		23		—		5,008
Total available-for-sale securities, long-term	62,225		343		(15)		62,553
Total available-for-sale securities	$	238,879	$	522	$	(212)	$	239,189

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of available-for-sale marketable securities with unrealized losses, which have been segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):


	March 31, 2024
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	121,622	$	(177)	$	27,670	$	(94)	$	149,292	$	(271)

Government and agency - U.S.	11,756		(3)		—		—		11,756		(3)
Total	$	133,378	$	(180)	$	27,670	$	(94)	$	161,048	$	(274)


	December 31, 2023
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	78,995	$	(152)	$	12,074	$	(54)	$	91,069	$	(206)

Government and agency - U.S.	5,585		(6)		—		—		5,585		(6)
Total	$	84,580	$	(158)	$	12,074	$	(54)	$	96,654	$	(212)

As of March 31, 2024, the Company’s available-for-sale securities classified as short-term mature in one year or less and the Company’s available-for-sale securities classified as long-term mature within less than two years. As noted in the table above, although some of the Company’s available-for-sale marketable securities as of March 31, 2024 have been in an unrealized loss position for more than 12 months, the Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. No credit losses were recognized on the Company’s available-for-sale securities during the three months ended March 31, 2024 and 2023. The Company recorded an immaterial realized gain during the three months ended March 31, 2024 and no realized gains or losses during the three months ended March 31, 2023.