INVESTMENT SECURITIES, AVAILABLE-FOR-SALE AND FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES |
The
valuation inputs hierarchy classification for assets measured at fair value on a recurring basis are summarized below as of June 30,
2024 and December 31, 2023 (in thousands). These tables do not include cash held in money market savings accounts.
SCHEDULE OF FAIR VALUE HIERARCHY ASSETS AND LIABILITIES
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
As of June 30, 2024 | |
| | |
| | |
| | |
| |
Investment securities, available for sale: | |
| | | |
| | | |
| | | |
| | |
Corporate debt
securities | |
$ | - | | |
$ | 15,200 | | |
$ | - | | |
$ | 15,200 | |
U.S.
Treasury securities | |
| - | | |
| 14,734 | | |
| - | | |
| 14,734 | |
| |
$ | - | | |
$ | 29,934 | | |
$ | - | | |
$ | 29,934 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
As of December 31,
2023 | |
| | |
| | |
| | |
| |
Investment securities, available for sale: | |
| | | |
| | | |
| | | |
| | |
Corporate debt
securities | |
$ | - | | |
$ | 8,471 | | |
$ | - | | |
$ | 8,471 | |
U.S.
Treasury securities | |
| - | | |
| 20,140 | | |
| - | | |
| 20,140 | |
| |
$ | - | | |
$ | 28,611 | | |
$ | - | | |
$ | 28,611 | |
|
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS |
Short-term
investments are summarized below as of June 30, 2024 and December 31, 2023 (in thousands).
SCHEDULE OF UNREALIZED GAIN OR LOSS ON SHORT-TERM INVESTMENTS
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of June 30, 2024 | |
| | | |
| | | |
| | | |
| | |
Investment securities, available for sale: | |
| | | |
| | | |
| | | |
| | |
Corporate debt
securities | |
$ | 15,210 | | |
| 1 | | |
| (11 | ) | |
$ | 15,200 | |
U.S.
Treasury securities | |
| 14,742 | | |
| - | | |
| (8 | ) | |
| 14,734 | |
| |
$ | 29,952 | | |
$ | 1 | | |
$ | (19 | ) | |
$ | 29,934 | |
| |
| | |
| | |
| | |
Investment | |
| |
Cost/ | | |
Gross | | |
Gross | | |
Securities, | |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Available- | |
| |
Cost | | |
Gains | | |
Losses | | |
For-Sale | |
As of December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
Investment securities, available for sale: | |
| | | |
| | | |
| | | |
| | |
Corporate debt
securities | |
$ | 8,466 | | |
$ | 6 | | |
$ | (1 | ) | |
$ | 8,471 | |
U.S.
Treasury securities | |
| 20,119 | | |
| 21 | | |
| - | | |
| 20,140 | |
| |
$ | 28,585 | | |
$ | 27 | | |
$ | (1 | ) | |
$ | 28,611 | |
|
SCHEDULE OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES |
The
maturities of the investment securities, available-for-sale as of June 30, 2024 and December 31, 2023 are shown below (in thousands):
SCHEDULE OF MATURITY DATE OF AVAILABLE-FOR-SALE SECURITIES
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair
Value | |
As of June 30, 2024 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less
than one year | |
$ | 29,952 | | |
| 1 | | |
| (19 | ) | |
$ | 29,934 | |
| |
$ | 29,952 | | |
| | | |
| | | |
$ | 29,934 | |
| |
| | |
Gross | | |
Gross | | |
| |
| |
Amortized | | |
Unrealized | | |
Unrealized | | |
Estimated | |
| |
Cost | | |
Gains | | |
Losses | | |
Fair
Value | |
As of December 31, 2023 | |
| | | |
| | | |
| | | |
| | |
Maturity date | |
| | | |
| | | |
| | | |
| | |
Less
than one year | |
$ | 28,585 | | |
$ | 27 | | |
$ | (1 | ) | |
$ | 28,611 | |
| |
$ | 28,585 | | |
| | | |
| | | |
$ | 28,611 | |
|
SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS SECURITIES |
The
following table summarizes investments 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 more than 12 months as of June 30, 2024 and December 31, 2023 (in thousands):
SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS SECURITIES
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of June 30, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt
securities | |
$ | 10,795 | | |
| (11 | ) | |
$ | - | | |
$ | - | | |
$ | 10,795 | | |
$ | (11 | ) |
U.S.
Treasury securities | |
| 10,555 | | |
| (8 | ) | |
| - | | |
| - | | |
| 10,555 | | |
| (8 | ) |
| |
$ | 21,350 | | |
$ | (19 | ) | |
$ | - | | |
$ | - | | |
$ | 21,350 | | |
$ | (19 | ) |
| |
Less than Twelve Months | | |
Twelve Months or Greater | | |
Total | |
| |
| | |
Gross | | |
| | |
Gross | | |
| | |
Gross | |
| |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | | |
Fair | | |
Unrealized | |
| |
Value | | |
Losses | | |
Value | | |
Losses | | |
Value | | |
Losses | |
As of December 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate debt
securities | |
$ | 1,488 | | |
$ | (1 | ) | |
$ | - | | |
$ | - | | |
$ | 1,488 | | |
$ | (1 | ) |
U.S.
Treasury securities | |
| 1,486 | | |
| - | | |
| - | | |
| - | | |
| 1,486 | | |
| - | |
| |
$ | 2,974 | | |
$ | (1 | ) | |
$ | - | | |
$ | - | | |
$ | 2,974 | | |
$ | (1 | ) |
|