6. Marketable Securities

Marketable securities consist of agency and corporate bonds, commercial paper, certificates of deposit, and U.S. Treasury debt, and are classified as held-to-maturity. As the Company invests in short-term and high credit quality marketable securities, the Company expects to receive fixed par value without any loss of principle at the maturity of each security. Therefore, an allowance for expected credit losses is not recognized as of March 31, 2025 and December 31, 2024. The following presents information about the Company’s marketable securities:


	As of March 31, 2025
Sector	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Agency	$	3,069	$	-	$	3,069	$	4	$	-		$	3,073
Financial		33,869		-		33,869		30		(22	)		33,877
Government		9,392		-		9,392		-		-			9,392
Industrial		35,636		-		35,636		106		(1	)		35,741
Total	$	81,966	$	-	$	81,966	$	140	$	(23	)	$	82,083


	As of December 31, 2024
Sector	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Financial	$	33,663	$	-	$	33,663	$	27	$	(54	)	$	33,636
Total	$	33,663	$	-	$	33,663	$	27	$	(54	)	$	33,636

The fair value of marketable securities across all major sectors is classified as Level 1 within the Company’s fair value hierarchy, as described in Note 5 "Fair Value Measurements", with the exception of commercial paper holdings in the Financial and Industrial sectors, which are classified as Level 2 and have an aggregate fair value of $14,095 as of March 31, 2025. As of December 31, 2024, the fair value of all marketable securities were classified as Level 2.

The following table presents maturities of the Company's marketable securities as of March 31, 2025:


	Amortized Cost
Due in one year or less	$	36,273
Due after one year through five years		45,693
Total	$	81,966

The following table presents information about the Company’s investments that were in an unrealized loss position and for which an other-than-temporary impairment has not been recognized in earnings:


	As of March 31, 2025			As of December 31, 2024
Aggregate fair value of investments with unrealized losses (1)	$	25,099		$	10,957
Aggregate amount of unrealized losses		(23	)		(54	)

_________________


(1)	Investments have been in a continuous loss position for less than 12 months