
	December 31,
	2025		2024
Cash	$	199,755	$	170,852

Money market instruments	63,170		15,242
Cash and cash equivalents	262,925		186,094
Corporate bonds	66,625		55,742
Treasury notes	7,412		2,487
Sovereign bonds	—		990
Asset-backed securities	—		737





Current investments	74,037		59,956
Corporate bonds	278,726		285,174
Treasury notes	22,431		43,147
Asset-backed securities	4,182		12,577



Non-current investments	305,339		340,898
	$	642,301	$	586,948

Money market instruments consist of treasury bills, corporate commercial paper, and certificates of deposit that are highly liquid and mature in three months or less. 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, 2025 and 2024 were denominated in U.S. Dollars.

The Company’s cash balance included foreign bank balances totaling $130,094,000 and $156,027,000 as of December 31, 2025 and 2024, respectively.

Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $3,852,000 and $4,144,000 as of December 31, 2025 and 2024, respectively.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Current:
Corporate bonds	$	66,661	$	125	$	(161)	$	66,625
Treasury notes	7,389		23		—		7,412





Non-current:
Corporate bonds	275,781		3,024		(79)		278,726
Treasury notes	22,287		144		—		22,431
Asset-backed securities	4,471		—		(289)		4,182



	$	376,589	$	3,316	$	(529)	$	379,376


	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 gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2025 (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	$	30,602	$	(73)	$	22,412	$	(167)	$	53,014	$	(240)

Asset-backed securities	—		—		4,182		(289)		4,182		(289)



	$	30,602	$	(73)	$	26,594	$	(456)	$	57,196	$	(529)

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)

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, 2025, 2024, or 2023. Management currently intends to hold these securities to full value recovery at maturity.


	Year Ended December 31,
	2025		2024		2023
Gross realized gains	$	180	$	8	$	111
Gross realized losses	(24)		(16)		(2,065)
Net realized gains (losses)	$	156	$	(8)	$	(1,954)

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, 2025 (in thousands):


	<1 year		1-2 Years		2-3 Years		3-4 Years		4-5 Years		Total
Corporate bonds	$	66,625	$	77,129	$	99,911	$	68,109	$	33,577	$	345,351
Treasury notes	7,412		15,421		7,010		—		—		29,843
Asset-backed securities	—		—		—		1,624		2,558		4,182




	$	74,037	$	92,550	$	106,921	$	69,733	$	36,135	$	379,376