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Cash, Cash Equivalents, Restricted Cash And Investments | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, Restricted Cash and Investments | . CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):
|  | As of March 31, 2025 |  |  | As of December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Cash and money market funds |  | $ | 24,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,871 |  |  | $ | 33,204 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,204 |
Corporate notes and bonds |  |  | 13,923 |  |  |  | 14 |  |  |  | (5 | ) |  |  | 13,932 |  |  |  | 45,823 |  |  |  | 22 |  |  |  | (53 | ) |  |  | 45,792 |
US government and agency |  |  | 661,029 |  |  |  | 210 |  |  |  | (216 | ) |  |  | 661,023 |  |  |  | 287,084 |  |  |  | 319 |  |  |  | (118 | ) |  |  | 287,285 |
Total cash, cash equivalents, restricted cash and investments |  | $ | 699,823 |  |  | $ | 224 |  |  | $ | (221 | ) |  | $ | 699,826 |  |  | $ | 366,111 |  |  | $ | 341 |  |  | $ | (171 | ) |  | $ | 366,281 |
Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):
|  | As of March 31, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Loses |
Corporate notes and bonds |  | $ | — |  |  | $ | — |  |  | $ | 3,985 |  |  | $ | (5 | ) |  | $ | 3,985 |  |  | $ | (5 | )
US government and agency |  |  | 425,697 |  |  |  | (211 | ) |  |  | 1,995 |  |  |  | (5 | ) |  |  | 427,692 |  |  |  | (216 | )
Total |  | $ | 425,697 |  |  | $ | (211 | ) |  | $ | 5,980 |  |  | $ | (10 | ) |  | $ | 431,677 |  |  | $ | (221 | )
|  | As of December 31, 2024 |
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Loses |
Corporate notes and bonds |  | $ | — |  |  | $ | — |  |  | $ | 24,396 |  |  | $ | (53 | ) |  | $ | 24,396 |  |  | $ | (53 | )
US government and agency |  |  | 67,600 |  |  |  | (111 | ) |  |  | 3,987 |  |  |  | (7 | ) |  |  | 71,587 |  |  |  | (118 | )
Total |  | $ | 67,600 |  |  | $ | (111 | ) |  | $ | 28,383 |  |  | $ | (60 | ) |  | $ | 95,983 |  |  | $ | (171 | )
The Company did no t have any allowance for credit losses as of either March 31, 2025 or December 31, 2024. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis. The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of March 31, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):
|  | 1 Year or Less |  |  | Greater than 1 Year |  |  | Total |
Cash and money market funds |  | $ | 22,262 |  |  | $ | 2,609 |  |  | $ | 24,871 |
Corporate notes and bonds |  |  | 13,932 |  |  |  | — |  |  |  | 13,932 |
US government and agency |  |  | 552,162 |  |  |  | 108,861 |  |  |  | 661,023 |
Total |  | $ | 588,356 |  |  | $ | 111,470 |  |  | $ | 699,826 |

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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