Cash and Investments in Marketable Securities

9 Months Ended

Sep. 30, 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
	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	41,032	$	44,252
Short-term investments		229,176		210,974
Long-term investments		—		13,869
Total cash and investments in marketable securities	$	270,208	$	269,095

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


		September 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	$	70,569	$	24	$	(10	)	$	70,583	$	109,711
Corporate commercial paper	2		149,333		26		(16	)		149,343		119,542
Available-for-sale investments		$	219,902	$	50	$	(26	)	$	219,926	$	229,253
Money market funds	1									24,717		15,993
Certificates of deposit	2									14,215		14,027
Cash	N/A									11,350		9,822
Total cash and investments in marketable securities									$	270,208	$	269,095

For the three and nine months ended September 30, 2025 and 2024, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. As of September 30, 2025, we had 29 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.