INVESTMENTS IN MARKETABLE DEBT SECURITIES |
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| INVESTMENTS IN MARKETABLE DEBT SECURITIES | NOTE 3 —INVESTMENTS IN MARKETABLE DEBT SECURITIES Investments in marketable debt securities are accounted for as available-for-sale investments at fair value and consist of the following (in thousands):
The Company only invests in liquid, high quality debt securities. Nonetheless, all of these investments are subject to interest rate and credit risk that may result in fluctuations in the fair value of the investments. To minimize exposure due to an adverse shift in interest rates, the Company generally invests in securities with expected maturities of two years or less while maintaining a weighted average maturity of one year or less. As of March 31, 2025, investments in marketable debt securities with an aggregate fair value of $72.3 million are scheduled to mature during the 12-month period ending March 31, 2026. All remaining investments, with an aggregate fair value of $1.5 million, are scheduled to mature during the 12-month period ending March 31, 2027. During the nine months ended March 31, 2025, marketable debt securities for $85.8 million matured and were reinvested in additional marketable debt securities. The Company used $100.7 million of cash and cash equivalents to purchase investments in marketable debt securities during the nine months ended March 31, 2025. The Company did not sell any marketable debt securities prior to the scheduled maturity dates for the nine months ended March 31, 2025. Accrued interest receivable on all marketable debt securities amounted to $0.5 million and $0.4 million as of March 31, 2025 and June 30, 2024, respectively. Accrued interest receivable is included in other current assets in the accompanying unaudited condensed consolidated balance sheets. For the three and nine months ended March 31, 2025, the Company did not recognize any allowance for credit losses or other than temporary impairment related to investments in marketable debt securities. The following table summarizes the cumulative unrealized gains and losses that result in differences between the amortized cost basis and fair value of the Company’s marketable debt securities held as of March 31, 2025 (in thousands):
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