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CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024, the Company’s cash and cash equivalents and short-term investments were composed of:
June 30, 2025
Unaudited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments (2)
Cash$13,475 $— $— $13,475 $13,475 $13,475 $— 
Money market fundsLevel 1134,949 — — 134,949 134,949 134,949 — 
Certificate of deposits and term depositsLevel 272,673 — — 72,673 72,673 1,200 71,473 
HTM securities (1)
U.S. Treasury billsLevel 1$118,664 $4 $(34)118,634 118,664 $— $118,664 
Corporate debt securitiesLevel 2$571,764 $109 $(116)571,757 571,764 $— $571,764 
$690,428 $113 $(150)$690,391 $690,428 $— $690,428 
Total$911,525 $113 $(150)$911,488 $911,525 $149,624 $761,901 

December 31, 2024
Audited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments (2)
Cash$11,848 $— $— $11,848 $11,848 $11,848 $— 
Money market fundsLevel 1151,919 — — 151,919 151,919 151,919 — 
Certificate of deposits and term depositsLevel 2170,120 — — 170,120 170,120 — 170,120 
HTM securities (1)
U.S. Treasury billsLevel 1$118,618 $93 $(1)118,710 118,618 $— $118,618 
Government and governmental agenciesLevel 2$— $— $— — — $— $— 
Corporate debt securitiesLevel 2$507,368 $920 $(119)508,169 507,368 $— $507,368 
$625,986 $1,013 $(120)$626,879 $625,986 $— $625,986 
Total$959,873 $1,013 $(120)$960,766 $959,873 $163,767 $796,106 
(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, $17,614 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 June 30, 2025 and December 31, 2024, 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.