| Marketable Debt Securities |
4. Marketable Debt Securities
Marketable debt securities,
all of which were classified as available-for-sale, consist of the following:
| | |
As of June 30, 2026 | |
| | |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Estimated
Fair Value | |
| Marketable debt securities: | |
| | |
| | |
| | |
| |
| Corporate bonds | |
$ | 109,672 | | |
$ | 6 | | |
$ | (224 | ) | |
$ | 109,454 | |
| Commercial paper | |
| 10,965 | | |
| - | | |
| (3 | ) | |
| 10,962 | |
| U.S. Treasury securities | |
| 5,000 | | |
| 2 | | |
| - | | |
| 5,002 | |
| Marketable debt securities, non-current: | |
| | | |
| | | |
| | | |
| | |
| Corporate bonds | |
| 19,500 | | |
| - | | |
| (144 | ) | |
| 19,356 | |
| Total | |
$ | 145,137 | | |
$ | 8 | | |
$ | (371 | ) | |
$ | 144,774 | |
| | |
As of December 31, 2025 | |
| | |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
Losses | | |
Estimated
Fair Value | |
| Marketable debt securities: | |
| | |
| | |
| | |
| |
| Corporate bonds | |
$ | 83,291 | | |
$ | 77 | | |
$ | (22 | ) | |
$ | 83,346 | |
| U.S. Treasury securities | |
| 22,493 | | |
| 58 | | |
| - | | |
| 22,551 | |
| Marketable debt securities, non-current: | |
| | | |
| | | |
| | | |
| | |
| Corporate bonds | |
| 42,359 | | |
| 11 | | |
| (34 | ) | |
| 42,336 | |
| Total | |
$ | 148,143 | | |
$ | 146 | | |
$ | (56 | ) | |
$ | 148,233 | |
The Company has recorded
the securities at fair value in its condensed consolidated balance sheets and unrealized gains and losses are reported as a component
of accumulated other comprehensive income (loss). For the three and six months ended June 30, 2026 and 2025 there were no realized gains
or losses. Gains, if any, would be included in investment income within the condensed consolidated statements of operations and comprehensive
loss.
The remaining maturities
of all debt securities held at June 30, 2026 was less than five years. There were no sales of securities in the periods presented.
Credit Losses
Securities with an amortized
cost basis in excess of estimated fair value are assessed to determine what amount of the excess, if any, is caused by expected credit
losses.
Marketable debt securities
in a loss position consist of the following:
| |
|
As
of June 30, 2026 |
|
| |
|
In
Continuous
Loss Position
Less Than 12 Months |
|
|
In
Continuous
Loss Position
Greater Than 12 Months |
|
|
Total |
|
| |
|
Estimated
Fair Value |
|
|
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
|
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
|
Unrealized
Losses |
|
| Marketable
debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate
bonds |
|
$ |
95,855 |
|
|
$ |
(224 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
95,855 |
|
|
$ |
(224 |
) |
| Commercial
paper |
|
|
10,962 |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
10,962 |
|
|
|
(3 |
) |
| Marketable
debt securities, non-current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate
bonds |
|
|
19,356 |
|
|
|
(144 |
) |
|
|
- |
|
|
|
- |
|
|
|
19,356 |
|
|
|
(144 |
) |
| Total |
|
$ |
126,173 |
|
|
$ |
(371 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
126,173 |
|
|
$ |
(371 |
) |
| | |
As of December 31, 2025 | |
| | |
In Continuous
Loss Position
Less Than 12 Months | | |
In Continuous
Loss Position
Greater Than 12 Months | | |
Total | |
| | |
Estimated
Fair Value | | |
Unrealized
Losses | | |
Estimated
Fair Value | | |
Unrealized
Losses | | |
Estimated
Fair Value | | |
Unrealized
Losses | |
| Marketable debt securities: | |
| | |
| | |
| | |
| | |
| | |
| |
| Corporate bonds | |
$ | 24,034 | | |
$ | (22 | ) | |
$ | - | | |
$ | - | | |
$ | 24,034 | | |
$ | (22 | ) |
| Marketable debt securities, non-current: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Corporate bonds | |
| 29,824 | | |
| (34 | ) | |
| - | | |
| - | | |
| 29,824 | | |
| (34 | ) |
| Total | |
$ | 53,858 | | |
$ | (56 | ) | |
$ | - | | |
$ | - | | |
$ | 53,858 | | |
$ | (56 | ) |
As of June 30, 2026 and
December 31, 2025, it was determined that there were no expected credit losses.
Interest and Investment
Income (Expense)
Interest and investment income (expense) consist
of the following:
| | |
For the Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Interest income | |
$ | 1,480 | | |
$ | 1,223 | | |
$ | 3,136 | | |
$ | 2,778 | |
| Accretion of discount (Amortization of premium), net | |
| 170 | | |
| 389 | | |
| 353 | | |
| 555 | |
| Dividend income | |
| 6 | | |
| 14 | | |
| 14 | | |
| 22 | |
| Total | |
$ | 1,656 | | |
$ | 1,626 | | |
$ | 3,503 | | |
$ | 3,355 | |
|