Marketable Securities

6 Months Ended

Jun. 30, 2025

Debt Securities, Available-for-Sale [Abstract]

7. Marketable Securities

Rambus invests its excess cash and cash equivalents primarily in U.S. government-sponsored obligations, non-U.S. government-sponsored obligations, corporate bonds, commercial paper and notes, time deposits and money market funds that mature within three years.

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 June 30, 2025
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	59,029	$	59,029	$	—	$	—
Cash equivalents:
Money market funds		14,297		14,297		—		—
Corporate bonds, commercial paper and notes		14,433		14,438		—		(5	)
Total cash equivalents		28,730		28,735		—		(5	)
Total cash and cash equivalents		87,759		87,764		—		(5	)
Marketable securities:
Time deposits		12,870		12,870		—		—
U.S. Government bonds and notes		202,535		202,530		94		(89	)
Non-U.S. Government bonds and notes		3,947		3,946		1		—
Corporate bonds, commercial paper and notes		287,714		287,707		133		(126	)
Total marketable securities		507,066		507,053		228		(215	)
Total cash, cash equivalents and marketable securities	$	594,825	$	594,817	$	228	$	(220	)


	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 bonds, commercial paper and notes		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	)

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


	As of
(In thousands)	June 30, 2025		December 31, 2024
Cash	$	59,029	$	87,415
Cash equivalents		28,730		12,360
Total cash and cash equivalents		87,759		99,775
Marketable securities		507,066		382,023
Total cash, cash equivalents and marketable securities	$	594,825	$	481,798

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 June 30, 2025 and December 31, 2024 were as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	June 30, 2025		December 31, 2024		June 30, 2025			December 31, 2024
Less than 12 months
U.S. Government bonds and notes	$	97,475	$	83,162	$	(89	)	$	(162	)
Corporate bonds, commercial paper and notes		217,515		48,360		(131	)		(109	)
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	314,990	$	131,522	$	(220	)	$	(271	)

The gross unrealized losses as of June 30, 2025 and December 31, 2024 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)	June 30, 2025
Due in less than one year	$	418,498
Due from one year through three years		103,001
Total	$	521,499

Refer to Note 8, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.