v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Investments

Investments consist of the following as of June 30, 2025 and December 31, 2024 (dollars in thousands):

 

 

June 30, 2025

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available-for-sale):

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

294,361

 

 

$

738

 

 

$

(90

)

 

$

295,009

 

Treasury and federal agencies

 

 

170,661

 

 

 

305

 

 

 

(63

)

 

 

170,903

 

Total short-term investments (available-for-sale)

 

$

465,022

 

 

$

1,043

 

 

$

(153

)

 

$

465,912

 

 

 

December 31, 2024

 

 

 

 

 

 

Gross Unrealized

 

 

 

 

 

 

Cost

 

 

Gain

 

 

(Loss)

 

 

Fair Value

 

Short-term investments (available-for-sale):

 

 

 

 

 

 

 

 

 

 

 

 

Non-governmental debt securities

 

$

246,070

 

 

$

466

 

 

$

(278

)

 

$

246,258

 

Treasury and federal agencies

 

 

213,394

 

 

 

258

 

 

 

(115

)

 

 

213,537

 

Total short-term investments (available-for-sale)

 

$

459,464

 

 

$

724

 

 

$

(393

)

 

$

459,795

 

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

Financial instruments measured at fair value on a recurring basis subject to the disclosure requirements of FASB ASC Topic 820 - Fair Value Measurements at June 30, 2025 and December 31, 2024 were as follows (dollars in thousands):

 

 

 

As of June 30, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash and cash equivalents - money market funds

 

$

33,814

 

 

$

-

 

 

$

33,814

 

Cash and cash equivalents - commercial paper

 

 

-

 

 

 

4,988

 

 

 

4,988

 

Short-term investments - non-governmental debt securities

 

 

-

 

 

 

295,009

 

 

 

295,009

 

Short-term investments - treasury and federal agencies

 

 

-

 

 

 

170,903

 

 

 

170,903

 

Totals

 

$

33,814

 

 

$

470,900

 

 

$

504,714

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Total

 

Cash and cash equivalents - money market funds

 

$

30,189

 

 

$

-

 

 

$

30,189

 

Cash and cash equivalents - federal agency debt securities

 

 

-

 

 

 

13,078

 

 

 

13,078

 

Short-term investments - non-governmental debt securities

 

 

-

 

 

 

246,258

 

 

 

246,258

 

Short-term investments - treasury and federal agencies

 

 

-

 

 

 

213,537

 

 

 

213,537

 

Totals

 

$

30,189

 

 

$

472,873

 

 

$

503,062

 

 
Schedule of Maintenance Fee Payment to our equity affiliate

We make periodic operating maintenance payments to an equity affiliate. The total fees recorded during the quarters and years to date ended June 30, 2025 and 2024 were as follows (dollars in thousands):

 

 

Maintenance Fee Payments

 

For the quarter ended June 30, 2025

$

452

 

For the quarter ended June 30, 2024

$

423

 

For the year to date ended June 30, 2025

$

880

 

For the year to date ended June 30, 2024

$

867