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Marketable Securities
 12 Months Ended
Dec. 31, 2022
Available For Sale Securities [Abstract]  
Marketable Securities

4. Marketable Securities

The following table summarizes the amortized cost and estimates fair values of debt securities available for sale:

 

 

 

As of December 31, 2022

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Carrying

Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,089

 

 

$

-

 

 

$

-

 

 

$

14,089

 

Current marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S Treasury securities

 

$

43,092

 

 

$

1

 

 

$

(393

)

 

$

42,700

 

Commercial paper

 

 

12,743

 

 

 

-

 

 

 

-

 

 

 

12,743

 

Corporate debt securities

 

 

3,865

 

 

 

-

 

 

 

(23

)

 

 

3,842

 

U.S Government agency obligations

 

 

1,901

 

 

 

-

 

 

 

(8

)

 

 

1,893

 

Total current marketable securities

 

$

61,601

 

 

$

1

 

 

$

(424

)

 

$

61,178

 

Long-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset backed securities

 

$

3,568

 

 

$

7

 

 

$

(3

)

 

$

3,572

 

U.S Treasury securities

 

 

2,416

 

 

 

-

 

 

 

(6

)

 

 

2,410

 

U.S Government agency obligations

 

 

949

 

 

 

-

 

 

 

(1

)

 

 

948

 

Total long-term marketable securities

 

$

6,933

 

 

$

7

 

 

$

(10

)

 

$

6,930

 

 

 

 

 

As of December 31, 2021

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Holding

Gains

 

 

Gross

Unrealized

Holding

Losses

 

 

Carrying

Value

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

51,112

 

 

$

-

 

 

$

-

 

 

$

51,112

 

Current marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

19,586

 

 

$

-

 

 

$

-

 

 

$

19,586

 

Corporate debt securities

 

 

7,068

 

 

 

-

 

 

 

(7

)

 

 

7,061

 

Asset backed securities

 

 

3,002

 

 

 

-

 

 

 

-

 

 

 

3,002

 

Total current marketable securities

 

$

29,656

 

 

$

-

 

 

$

(7

)

 

$

29,649

 

Long-term marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S Treasury securities

 

$

18,043

 

 

$

-

 

 

$

(89

)

 

$

17,954

 

Corporate debt securities

 

 

1,746

 

 

 

-

 

 

 

(8

)

 

 

1,738

 

Total long-term marketable securities

 

$

19,789

 

 

$

-

 

 

$

(97

)

 

$

19,692

 

 

The maturities of debt securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid.

 

 

 

As of December 31, 2022

 

 

As of December 31, 2021

 

 

 

Amortized

Cost

 

 

Carrying

Value

 

 

Amortized

Cost

 

 

Carrying

Value

 

Due in one year or less

 

$

61,601

 

 

$

61,178

 

 

$

29,656

 

 

$

29,649

 

Due after one year through three years

 

$

6,933

 

 

$

6,930

 

 

$

19,789

 

 

$

19,692

 

 

Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $8,000 and an unrealized loss of $434,000 as of December 31, 2022 which resulted in a net unrealized loss of $426,000. Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $0 and an unrealized loss of $104,000 as of December 31, 2021 which resulted in a net unrealized loss of $104,000.

 

 

During the year-ended December 31, 2022 and the transition period ended December 31, 2021, the Company did not recognize credit losses.  The Company did not have any marketable securities as of June 30, 2021.  The Company has accrued interest income of $168,000, $72,000 and $0 as of December 31, 2022 and, 2021 and June 30, 2021, recorded in Prepaids and Other Current Assets. Money market funds were included in the cash and cash equivalents line item.