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Cash, Cash Equivalents and Marketable Securities | 6 Months Ended
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Jun. 28, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Marketable Securities | Cash, Cash Equivalents and Marketable Securities The Company has invested its excess cash primarily in money market funds and highly liquid marketable securities such as U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities. The Company considers all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities with maturities greater than 90 days at date of purchase. Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values. Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations. The Company’s investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other expense, net. Realized gains and losses were not significant for the three and six months ended June 28, 2025 and June 29, 2024. Cash, cash equivalents and marketable securities consisted of the following (in thousands):
|  | June 28, 2025 |  | December 31, 2024
Cash and cash equivalents: |  |  |  |
Cash |  | $ | 32,747 |  |  | $ | 20,664 |
Money market funds |  | 23,457 |  |  | 4,890 |
Commercial paper |  | 18,344 |  |  | 10,058 |
U.S. government securities |  | 1,990 |  |  | 7,550 |
Total cash and cash equivalents |  | 76,538 |  |  | 43,162 |
Marketable securities: |  |  |  |
Corporate debt securities |  | 123,467 |  |  | 123,701 |
U.S. government securities |  | 57,673 |  |  | 66,582 |
Commercial paper |  | 23,543 |  |  | 22,715 |
U.S. government agency securities |  | 13,890 |  |  | 24,411 |
Certificates of deposit |  | 3,857 |  |  | 16,520 |
Total marketable securities |  | 222,430 |  |  | 253,929 |
|  | $ | 298,968 |  |  | $ | 297,091 |
The carrying amounts of the Company’s money market funds approximate their fair values due to their nature, duration and short maturities. The amortized cost and fair value of marketable securities were as follows (in thousands):
As of June 28, 2025 |  | Amortized Cost |  | Unrealized Gains (Losses), net |  | Fair Value
Corporate debt securities |  | $ | 123,099 |  |  | $ | 368 |  |  | $ | 123,467 |
U.S. government securities |  | 59,514 |  |  | 149 |  |  | 59,663 |
Commercial paper |  | 41,899 |  |  | (12) |  |  | 41,887 |
U.S. government agency securities |  | 13,868 |  |  | 22 |  |  | 13,890 |
Certificates of deposit |  | 3,853 |  |  | 4 |  |  | 3,857 |
|  | $ | 242,233 |  |  | $ | 531 |  |  | $ | 242,764 |
As of December 31, 2024 |  | Amortized Cost |  | Unrealized Gains, net |  | Fair Value
Corporate debt securities |  | $ | 123,519 |  |  | $ | 182 |  |  | $ | 123,701 |
U.S. government securities |  | 74,118 |  |  | 14 |  |  | 74,132 |
Commercial paper |  | 32,766 |  |  | 7 |  |  | 32,773 |
U.S. government agency securities |  | 24,380 |  |  | 31 |  |  | 24,411 |
Certificates of deposit |  | 16,505 |  |  | 15 |  |  | 16,520 |
|  | $ | 271,288 |  |  | $ | 249 |  |  | $ | 271,537 |

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized gain (loss). + 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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