| Marketable Securities |
NOTE 5. MARKETABLE SECURITIES The composition of our short-term and long-term marketable securities was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | (In thousands) | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross Unrealized Losses | | Fair
Value | Short-term: | | | | | | | | | | | | | Municipal bonds | | $ | 8,990 | | $ | 8 | | $ | (25) | | $ | 8,973 | Corporate debt securities | | | 29,596 | | | 1 | | | (62) | | | 29,535 | Commercial paper | | | 36,527 | | | 4 | | | (1) | | | 36,530 | Asset-backed securities | | | — | | | — | | | — | | | — | Government, federal agency, and other sovereign obligations | | | 30,676 | | | 4 | | | (99) | | | 30,581 | Total short-term marketable securities | | $ | 105,789 | | $ | 17 | | $ | (187) | | $ | 105,619 | | | | | | | | | | | | | | Long-term: | | | | | | | | | | | | | Municipal bonds | | $ | 6,538 | | $ | — | | $ | (13) | | $ | 6,525 | Corporate debt securities | | | 25,382 | | | 4 | | | (115) | | | 25,271 | Asset-backed securities | | | 19,690 | | | 2 | | | (71) | | | 19,621 | Government, federal agency, and other sovereign obligations | | | 14,772 | | | 2 | | | (57) | | | 14,717 | Total long-term marketable securities | | $ | 66,382 | | $ | 8 | | $ | (256) | | $ | 66,134 |
| | | | | | | | | | | | | | | December 31, 2023 | (In thousands) | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | Short-term: | | | | | | | | | | | | | Municipal bonds | | $ | 11,210 | | $ | — | | $ | (224) | | $ | 10,986 | Corporate debt securities | | | 38,416 | | | — | | | (853) | | | 37,563 | Government, federal agency, and other sovereign obligations | | | 2,004 | | | — | | | (56) | | | 1,948 | Total short-term marketable securities | | $ | 51,630 | | $ | — | | $ | (1,133) | | $ | 50,497 | | | | | | | | | | | | | | Long-term: | | | | | | | | | | | | | Municipal bonds | | $ | 7,180 | | $ | — | | $ | (109) | | $ | 7,071 | Corporate debt securities | | | 21,707 | | | — | | | (432) | | | 21,275 | Asset-backed securities | | | 17,499 | | | — | | | (338) | | | 17,161 | Government, federal agency, and other sovereign obligations | | | 30,363 | | | — | | | (442) | | | 29,921 | Total long-term marketable securities | | $ | 76,749 | | $ | — | | $ | (1,321) | | $ | 75,428 |
The short-term marketable securities have effective maturity dates of less than one year and the long-term marketable securities have effective maturity dates ranging from one to three years as of December 31, 2024 and 2023, respectively.
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