CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024, the Company’s cash and cash equivalents and short-term investments were composed of:

	September 30, 2025
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	14,780	$	—	$	—	$	14,780	$	14,780	$	14,780	$	—
Money market funds	Level 1	256,410		—		—		256,410		256,410		256,410		—
Certificate of deposits and term deposits	Level 2	86,718		—		—		86,718		86,718		31,034		55,684
HTM securities (1)
U.S. Treasury bills	Level 1	$	119,302	$	45	$	—	119,347		119,302		$	39,895	$	79,407
Corporate debt securities	Level 2	$	556,291	$	195	$	(34)	556,452		556,291		$	—	$	556,291
		$	675,593	$	240	$	(34)	$	675,799	$	675,593	$	39,895	$	635,698
Total		$	1,033,501	$	240	$	(34)	$	1,033,707	$	1,033,501	$	342,119	$	691,382

	December 31, 2024
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	11,848	$	—	$	—	$	11,848	$	11,848	$	11,848	$	—
Money market funds	Level 1	151,919		—		—		151,919		151,919		151,919		—
Certificate of deposits and term deposits	Level 2	170,120		—		—		170,120		170,120		—		170,120
HTM securities (1)
U.S. Treasury bills	Level 1	$	118,618	$	93	$	(1)	118,710		118,618		$	—	$	118,618
Government and governmental agencies	Level 2	$	—	$	—	$	—	—		—		$	—	$	—
Corporate debt securities	Level 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, $17,605 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, 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.