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Cash and Investments in Marketable Securities
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Cash and Investments in Marketable Securities

Note 2 — Cash and Investments in Marketable Securities

Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):

 

 

 

Estimated Fair Value at

 

 

 

September 30, 2023

 

 

December 31, 2022

 

Cash and cash equivalents

 

$

64,921

 

 

$

88,227

 

Short-term investments

 

 

307,737

 

 

 

416,750

 

Total cash and investments in marketable securities

 

$

372,658

 

 

$

504,977

 

 

 

Our portfolio of cash and investments in marketable securities includes (in thousands):

 

 

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Fair Value Hierarchy Level

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Fair Value

 

Corporate notes and bonds

 

2

 

$

11,251

 

 

$

—

 

 

$

(20

)

 

$

11,231

 

 

$

83,522

 

Corporate commercial paper

 

2

 

 

294,184

 

 

 

—

 

 

 

(229

)

 

 

293,955

 

 

 

344,204

 

Available-for-sale investments

 

 

 

$

305,435

 

 

$

—

 

 

$

(249

)

 

$

305,186

 

 

$

427,726

 

Money market funds

 

1

 

 

 

 

 

 

 

 

 

 

 

46,858

 

 

 

47,054

 

Certificates of deposit

 

2

 

 

 

 

 

 

 

 

 

 

 

15,186

 

 

 

21,399

 

Cash

 

N/A

 

 

 

 

 

 

 

 

 

 

 

5,428

 

 

 

8,798

 

Total cash and investments in marketable securities

 

 

 

 

 

 

 

 

$

372,658

 

 

$

504,977

 

 

For the three and nine months ended September 30, 2023 and 2022, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. At December 31, 2022, our gross unrealized losses totaled $1.8 million, and our gross unrealized gains were insignificant.