Investments (Tables)

9 Months Ended

Sep. 30, 2023

Amortized Cost and Fair Value of Available-for-Sale Investments

The amortized cost and fair values of available-for-sale investments are as follows at September 30, 2023 and December 31, 2022 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2023
Money market investments	$	16,032	$	—	$	—	$	16,032
Asset-backed securities		17,044		—		2,708		14,336
Corporate bonds and direct obligations of
government agencies		119,632		—		6,758		112,874
U.S. Treasury obligations		9,203		—		76		9,127
Total	$	161,911	$	—	$	9,542	$	152,369
December 31, 2022
Money market investments	$	21,910	$	—	$	—	$	21,910
Asset-backed securities		18,905		—		2,889		16,016
Corporate bonds and direct obligations of
government agencies		126,134		1		7,775		118,360
U.S. Treasury obligations		2,344		—		100		2,244
Total	$	169,293	$	1	$	10,764	$	158,530

Schedule of Unrealized Loss on Available-for-Sale Investments

For those available-for-sale investments with unrealized losses at September 30, 2023 and December 31, 2022, the following table summarizes the duration of the unrealized loss (in thousands):

	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
September 30, 2023
Asset-backed securities	$	—	$	—	$	14,336	$	2,708	$	14,336	$	2,708
Corporate bonds and direct obligations of government agencies		20,707		507		92,167		6,251		112,874		6,758
U.S. Treasury obligations		6,849		8		2,278		68		9,127		76
Total	$	27,556	$	515	$	108,781	$	9,027	$	136,337	$	9,542
December 31, 2022
Asset-backed securities	$	—	$	—	$	16,016	$	2,889	$	16,016	$	2,889
Corporate bonds and direct obligations of government agencies		54,031		1,516		62,390		6,259		116,421		7,775
U.S. Treasury obligations		2,244		100		—		—		2,244		100
Total	$	56,275	$	1,616	$	78,406	$	9,148	$	134,681	$	10,764