
	December 31,
	2024		2023
Cash	$	170,852	$	183,242

Money market instruments	15,242		19,413
Cash and cash equivalents	186,094		202,655
Corporate bonds	55,742		124,851
Treasury notes	2,487		—
Sovereign bonds	990		990
Asset-backed securities	737		3,551





Current investments	59,956		129,392
Corporate bonds	285,174		183,965
Treasury notes	43,147		43,523
Asset-backed securities	12,577		15,763
Sovereign bonds	—		979


Non-current investments	340,898		244,230
	$	586,948	$	576,277

Corporate bonds consist of debt securities issued by both domestic and foreign companies; treasury notes consist of debt securities issued by the U.S. government; sovereign bonds consist of direct debt issued by foreign governments; and asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement. All of the Company's securities as of December 31, 2024 and 2023 were denominated in U.S. Dollars.

The Company’s cash balance included foreign bank balances totaling $156,027,000 and $173,614,000 as of December 31, 2024 and 2023, respectively.

Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $4,144,000 and $3,169,000 as of December 31, 2024 and 2023, respectively.

The following table summarizes the Company’s available-for-sale investments as of December 31, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Current:
Corporate bonds	$	56,472	$	3	$	(733)	$	55,742
Treasury notes	2,501		—		(14)		2,487
Sovereign bonds	1,013		—		(23)		990

Asset-backed securities	739		—		(2)		737



Non-current:
Corporate bonds	288,332		408		(3,566)		285,174
Treasury notes	43,570		2		(425)		43,147
Asset-backed securities	13,131		—		(554)		12,577



	$	405,758	$	413	$	(5,317)	$	400,854

The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Current:
Corporate bonds	$	128,150	$	—	$	(3,299)	$	124,851
Asset-backed securities	3,637		—		(86)		3,551
Sovereign bonds	1,012		—		(22)		990



Non-current:
Corporate bonds	189,326		506		(5,867)		183,965
Treasury notes	43,654		82		(213)		43,523
Asset-backed securities	16,773		—		(1,010)		15,763
Sovereign bonds	1,037		—		(58)		979


	$	383,589	$	588	$	(10,555)	$	373,622

The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):



	Unrealized Loss Position For Less than 12 Months				Unrealized Loss Position For Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	172,049	$	(2,227)	$	87,815	$	(2,071)	$	259,864	$	(4,298)
Treasury notes	42,149		(425)		2,487		(14)		44,636		(439)
Asset-backed securities	11,024		(547)		2,290		(10)		13,314		(557)

Sovereign bonds	—		—		990		(23)		990		(23)

	$	225,222	$	(3,199)	$	93,582	$	(2,118)	$	318,804	$	(5,317)

The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):



	Unrealized Loss Position For Less than 12 Months				Unrealized Loss Position For Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	30,770	$	(359)	$	226,643	$	(8,807)	$	257,413	$	(9,166)
Treasury notes	20,725		(153)		2,441		(60)		23,166		(213)
Asset-backed securities	17,062		(1,049)		2,252		(47)		19,314		(1,096)

Sovereign bonds	—		—		1,968		(80)		1,968		(80)

	$	68,557	$	(1,561)	$	233,304	$	(8,994)	$	301,861	$	(10,555)

Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of December 31, 2024, 2023, or 2022. Management currently intends to hold these securities to full value recovery at maturity.

The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):


	Year Ended December 31,
	2024		2023		2022
Gross realized gains	$	8	$	111	$	133
Gross realized losses	(16)		(2,065)		(315)
Net realized gains (losses)	$	(8)	$	(1,954)	$	(182)

Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss.

The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2024 (in thousands):


	<1 Year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		5-7 Years		Total
Corporate bonds	$	55,742	$	62,324	$	92,207	$	68,029	$	62,614	$	—	$	340,916
Treasury notes	2,487		9,177		21,365		12,605		—		—		45,634
Asset-backed securities	737		5,911		—		1,296		1,982		3,388		13,314


Sovereign bonds	990		—		—		—		—		—		990

	$	59,956	$	77,412	$	113,572	$	81,930	$	64,596	$	3,388	$	400,854