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Cash and Investments in Marketable Securities | 6 Months Ended
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Jun. 30, 2025
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 |
|  | June 30, 2025 |  |  | December 31, 2024 |
Cash and cash equivalents |  | $ | 42,988 |  |  | $ | 44,252 |
Short-term investments |  |  | 132,915 |  |  |  | 210,974 |
Long-term investments |  |  | — |  |  |  | 13,869 |
Total cash and investments in marketable securities |  | $ | 175,903 |  |  | $ | 269,095 |
Our portfolio of cash and investments in marketable securities consists of the following (in thousands):
|  |  |  | June 30, 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 |  | $ | 58,906 |  |  | $ | 13 |  |  | $ | (24 | ) |  | $ | 58,895 |  |  | $ | 109,711 |
Corporate commercial paper |  | 2 |  |  | 77,907 |  |  |  | — |  |  |  | (35 | ) |  |  | 77,872 |  |  |  | 119,542 |
Available-for-sale investments |  |  |  | $ | 136,813 |  |  | $ | 13 |  |  | $ | (59 | ) |  | $ | 136,767 |  |  | $ | 229,253 |
Money market funds |  | 1 |  |  |  |  |  |  |  |  |  |  |  | 18,069 |  |  |  | 15,993 |
Certificates of deposit |  | 2 |  |  |  |  |  |  |  |  |  |  |  | 14,734 |  |  |  | 14,027 |
Cash |  | N/A |  |  |  |  |  |  |  |  |  |  |  | 6,333 |  |  |  | 9,822 |
Total cash and investments in marketable securities |  |  |  |  |  |  |  |  | $ | 175,903 |  |  | $ | 269,095 |
For the three and six months ended June 30, 2025 and 2024, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. As of June 30, 2025, we had 43 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.

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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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