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CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 9 Months Ended
Sep. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]  
Cash, cash equivalents and short-term investments CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Cash equivalents include items almost as liquid as cash, with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of September 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of:
September 30, 2024
Unaudited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments (2)
Cash$13,765 $— $— $13,765 $13,765 $13,765 $— 
Money market fundsLevel 1171,657 — — 171,657 171,657 171,657 — 
Certificate of deposits and term depositsLevel 2199,410 — — 199,410 199,410 199,410 
HTM securities (1)
U.S. Treasury billsLevel 1$118,319 $194 $— 118,513 118,319 $— $118,319 
Corporate debt securitiesLevel 2$456,747 $1,942 $(1)458,688 456,747 $— $456,747 
$575,066 $2,136 $(1)$577,201 $575,066 $— $575,066 
Total$959,898 $2,136 $(1)$962,033 $959,898 $185,422 $774,476 

December 31, 2023
Audited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments (2)
Cash$9,955 $— $— $9,955 $9,955 $9,955 $— 
Money market fundsLevel 1227,166 — — 227,166 227,166 227,166 — 
Certificate of deposits and term depositsLevel 2153,169 — — 153,169 153,169 3,700 149,469 
HTM securities (1)
U.S. Treasury billsLevel 1$78,844 $55 $(110)78,789 78,844 $— $78,844 
Government and governmental agenciesLevel 2$24,940 $13 $— 24,953 24,940 $— $24,940 
Corporate debt securitiesLevel 2$416,542 $486 $(149)416,879 416,542 $— $416,542 
$520,326 $554 $(259)$520,621 $520,326 $— $520,326 
Total$910,616 $554 $(259)$910,911 $910,616 $240,821 $669,795 
(1)    Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
(2)    Pursuant to a bank guaranty agreement,$16,741 of short-term investments are pledged. See Note 4.
In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, is classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
As of September 30, 2024 and December 31, 2023, all investments mature in one year or less.
Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.