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Cash and Investments in Marketable Securities | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Cash and Investments in Marketable Securities | Note 2 — Cash and Investments in Marketable Securities Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):
|  | Estimated Fair Value at |
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Cash and cash equivalents |  | $ | 44,252 |  |  | $ | 35,277 |
Short-term investments |  |  | 210,974 |  |  |  | 268,339 |
Long-term investments |  |  | 13,869 |  |  |  | 25,825 |
Total cash and investments in marketable securities |  | $ | 269,095 |  |  | $ | 329,441 |
We invest in liquid, high quality debt securities. Our investments in debt securities are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. All of our long-term investments as of December 31, 2024 had maturities between one and two years. We currently do not intend to sell these securities prior to maturity and it is more likely than not that we will not be required to sell these securities before we recover the amortized cost basis. During the years ended December 31, 2024 and 2023, we did no t sell any available-for-sale securities. We report our accrued interest receivable, which totaled $1.1 million and $0.5 million at December 31, 2024 and December 31, 2023, respectively, in other current assets on our Consolidated Balance Sheets. Our portfolio of cash and investments in marketable securities includes (in thousands):
|  |  |  |  |  |  | December 31, 2024 |  |  | December 31, 2023 |
|  | Fair Value Hierarchy Level |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Fair Value |
Corporate notes and bonds |  | 2 |  | $ | 109,678 |  |  | $ | 100 |  |  | $ | (67 | ) |  | $ | 109,711 |  |  | $ | 38,882 |
Corporate commercial paper |  | 2 |  |  | 119,540 |  |  |  | 58 |  |  |  | (56 | ) |  |  | 119,542 |  |  |  | 255,241 |
Available-for-sale investments |  |  |  |  | 229,218 |  |  |  | 158 |  |  |  | (123 | ) |  |  | 229,253 |  |  |  | 294,123 |
Money market funds |  | 1 |  |  |  |  |  |  |  |  |  |  |  | 15,993 |  |  |  | 2,359 |
Certificates of deposit |  | 2 |  |  |  |  |  |  |  |  |  |  |  | 14,027 |  |  |  | 15,116 |
Cash |  | N/A |  |  |  |  |  |  |  |  |  |  |  | 9,822 |  |  |  | 17,843 |
Total cash and investments in marketable securities |  |  |  |  |  |  |  |  |  |  |  |  | $ | 269,095 |  |  | $ | 329,441 |
At December 31, 2023, our gross unrealized gains and losses were insignificant. As of December 31, 2024 and 2023, we assessed our marketable securities with unrealized losses and concluded that the losses were not attributable to credit. As of December 31, 2024, we had 39 investments in unrealized loss positions and no investments had been in continuous unrealized loss positions for 12 months or longer. Accordingly, we have not recorded an allowance for credit losses for these securities. At both December 31, 2024 and 2023, we had letter of credit arrangements in favor of our landlords and certain vendors totaling $7.5 million and $7.5 million, respectively. These letters of credit are secured by investments of similar amounts.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized 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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