Cash and Cash Equivalents, Restricted Cash and Marketable Securities

9 Months Ended

Sep. 30, 2024

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):


	September 30, 2024		December 31, 2023		September 30, 2023		December 31, 2022
Cash and cash equivalents	$	119,332	$	150,279	$	154,511	$	202,004
Restricted cash (1)	280		277		266		207
Total cash and cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$	119,612	$	150,556	$	154,777	$	202,211

(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
September 30, 2024
Cash and cash equivalents:
Cash	$	19,172	$	-	$	-	$	19,172
Money market funds	100,160		-		-		100,160
Corporate debt securities	-		-		-		-
Total cash and cash equivalents	119,332		-		-		119,332
Marketable securities available-for-sale:
U.S. treasuries	169,214		1,118		(7)		170,325
U.S. government agency securities	166,881		1,018		(40)		167,859
Corporate debt securities	305,446		1,065		(35)		306,476
Total marketable securities available-for-sale	641,541		3,201		(82)		644,660
Total cash and cash equivalents, and marketable securities	$	760,873	$	3,201	$	(82)	$	763,992
December 31, 2023
Cash and cash equivalents:
Cash	$	11,190	$	-	$	-	$	11,190
Money market funds	131,635		-		-		131,635
Corporate debt securities	7,453		1		-		7,454
Total cash and cash equivalents	150,278		1		-		150,279
Marketable securities available-for-sale:
U.S. treasuries	74,109		172		(44)		74,237
U.S. government agency securities	216,265		692		(269)		216,688
Corporate debt securities	300,803		315		(20)		301,098
Total marketable securities available-for-sale	591,177		1,179		(333)		592,023
Total cash and cash equivalents, and marketable securities	$	741,455	$	1,180	$	(333)	$	742,302

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


	September 30, 2024
	Amortized Cost		Estimated Fair Value
Mature in one year or less	$	377,534	$	378,836
Mature after one year through two years	264,007		265,824
	$	641,541	$	644,660

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 and nine months ended September 30, 2024 and 2023. 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 each of the three and nine months ended September 30, 2024, 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 September 30, 2024. As such, there have been no declines in fair value that have been identified as a credit-related impairment.