Cash and Investments in Marketable Securities

3 Months Ended

Mar. 31, 2025

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
	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	38,894	$	44,252
Short-term investments		179,738		210,974
Long-term investments		2,019		13,869
Total cash and investments in marketable securities	$	220,651	$	269,095

Our portfolio of cash and investments in marketable securities consists of the following (in thousands):


		March 31, 2025									December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Fair Value
Corporate notes and bonds	2	$	97,017	$	44	$	(21	)	$	97,040	$	109,711
Corporate commercial paper	2		85,514		14		(22	)		85,506		119,542
Available-for-sale investments		$	182,531	$	58	$	(43	)	$	182,546	$	229,253
Money market funds	1									16,882		15,993
Certificates of deposit	2									14,099		14,027
Cash	N/A									7,124		9,822
Total cash and investments in marketable securities									$	220,651	$	269,095

For the three months ended March 31, 2025 and 2024, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. All of our long-term investments as of March 31, 2025 had maturities between one and two years. As of March 31, 2025, we had 41 investments in unrealized loss positions and no investments had been in continuous unrealized loss positions for 12 months or longer. At December 31, 2024, our gross unrealized gains and losses were insignificant.