Cash and Cash Equivalents, Restricted Cash and Marketable Securities

3 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Cash and Cash Equivalents, Restricted Cash and Marketable Securities

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows (in thousands):


	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2023
Cash and cash equivalents	$	51,720	$	95,883	$	132,033	$	150,279
Restricted cash (1)	281		271		271		277
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	52,001	$	96,154	$	132,304	$	150,556

(1)Restricted cash is included in "Other assets" in the Condensed Consolidated Balance Sheets.

Restricted cash balances relate to certificates of deposit issued as collateral to certain letters of credit issued as security to our lease arrangements (see Note 5).

Cash and cash equivalents, and marketable securities consist of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
March 31, 2025
Cash and cash equivalents:
Cash	$	11,993	$	-	$	-	$	11,993
Money market funds	39,727		-		-		39,727

Total cash and cash equivalents	51,720		-		-		51,720
Marketable securities available-for-sale:
U.S. treasuries	263,030		635		(125)		263,540
U.S. government agency securities	144,276		353		(91)		144,538
Corporate debt securities	201,345		305		(112)		201,538
Total marketable securities available-for-sale	608,651		1,293		(328)		609,616
Total cash and cash equivalents, and marketable securities	$	660,371	$	1,293	$	(328)	$	661,336
December 31, 2024
Cash and cash equivalents:
Cash	$	12,157	$	-	$	-	$	12,157
Money market funds	83,726		-		-		83,726

Total cash and cash equivalents	95,883		-		-		95,883
Marketable securities available-for-sale:
U.S. treasuries	199,741		460		(322)		199,879
U.S. government agency securities	158,605		486		(220)		158,871
Corporate debt securities	259,004		418		(221)		259,201
Total marketable securities available-for-sale	617,350		1,364		(763)		617,951
Total cash and cash equivalents, and marketable securities	$	713,233	$	1,364	$	(763)	$	713,834

The maturities of our marketable securities available-for-sale are as follows (in thousands):


	March 31, 2025
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	429,405	$	430,170
Mature after one year through two years	179,246		179,446
	$	608,651	$	609,616

We have classified our entire investment portfolio as available-for-sale ("AFS") and available for use in current operations and accordingly have classified all investments as short-term. Our AFS securities are carried at fair value based on inputs that are observable, either directly or indirectly, such as quoted market prices for similar securities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the securities. Unrealized losses are included in accumulated other comprehensive loss in stockholders’ equity. We determine whether a decline in the fair value of our AFS debt securities below their amortized cost basis (i.e., an impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income (loss), net of applicable taxes. Credit-related impairments (if any) are recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Both the allowance and the adjustment to net income can be reversed if conditions change.

There were no realized gains or losses from the sale of marketable securities during the three months ended March 31, 2025 and 2024. We do not intend to sell, and are not required to sell, the investments that are in an unrealized loss position before recovery of their amortized cost basis. During the three months ended March 31, 2025, we did not

record an allowance for credit losses, as management believes any such losses would be immaterial based on the investment-grade credit rating for each of the investments as of March 31, 2025. As such, there have been no declines in fair value that have been identified as a credit-related impairment.