Marketable Securities

12 Months Ended

Dec. 31, 2024

Debt Securities, Available-for-Sale [Abstract]

All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:


	As of December 31, 2024
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	87,415	$	87,415	$	—	$	—
Cash equivalents:
Money market funds	6,025		6,025		—		—

Corporate notes, bonds and commercial paper	6,335		6,334		1		—
Total cash equivalents	12,360		12,359		1		—
Total cash and cash equivalents	99,775		99,774		1		—
Marketable securities:
Time deposits	12,870		12,870		—		—
U.S. Government bonds and notes	220,056		220,034		184		(162)
Corporate bonds, commercial paper and notes	149,097		149,085		121		(109)
Total marketable securities	382,023		381,989		305		(271)
Total cash, cash equivalents and marketable securities	$	481,798	$	481,763	$	306	$	(271)


	As of December 31, 2023
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	88,486	$	88,486	$	—	$	—
Cash equivalents:
Money market funds	3,790		3,790		—		—
U.S. Government bonds and notes	2,491		2,491		—		—

Total cash equivalents	6,281		6,281		—		—
Total cash and cash equivalents	94,767		94,767		—		—
Marketable securities:
U.S. Government bonds and notes	194,428		194,389		251		(212)
Corporate bonds, commercial paper and notes	136,649		136,892		162		(405)
Total marketable securities	331,077		331,281		413		(617)
Total cash, cash equivalents and marketable securities	$	425,844	$	426,048	$	413	$	(617)

Available-for-sale securities are reported at fair value on the balance sheets and were classified along with cash as follows:


	As of December 31,
(In thousands)	2024		2023

Cash	$	87,415	$	88,486
Cash equivalents	12,360		6,281
Total cash and cash equivalents	99,775		94,767
Marketable securities	382,023		331,077
Total cash, cash equivalents and marketable securities	$	481,798	$	425,844

The Company continues to invest in highly rated, liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation and impairment.

The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of December 31, 2024 and 2023 are as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023

Less than 12 months
U.S. Government bonds and notes	$	83,162	$	32,454	$	(162)	$	(53)
Corporate bonds, commercial paper and notes	48,360		46,407		(109)		(40)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months	131,522		78,861		(271)		(93)
12 months or greater
U.S. Government bonds and notes	—		6,841		—		(159)
Corporate bonds, commercial paper and notes	—		16,619		—		(365)
Total marketable securities in a continuous unrealized loss position for 12 months or greater	—		23,460		—		(524)
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	131,522	$	102,321	$	(271)	$	(617)

The gross unrealized losses as of December 31, 2024 and 2023 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions as well as the demand for and duration of the U.S. government-sponsored obligations and corporate bonds, commercial paper and notes. The Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). The Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results.

The contractual maturities of cash equivalents (excluding money market funds which have no maturity) and marketable securities are summarized as follows:



(In thousands)	December 31, 2024
Due less than one year	$	294,611
Due from one year through three years	93,747
Total	$	388,358

Refer to Note 9, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.