CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Cash, Cash Equivalents, and Short-Term Investments [Abstract] |
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| Schedule of cash and cash equivalents |
As of June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Unaudited | | Fair value level | | Adjusted cost basis | | Unrealized gains | | Unrealized losses | | Fair market value | | Recorded basis | | Cash and cash equivalents | | Short-term investments (2) | | Cash | | | $ | 17,238 | | | $ | — | | | $ | — | | | $ | 17,238 | | | $ | 17,238 | | | $ | 17,238 | | | $ | — | | | Money market funds | Level 1 | | 145,558 | | | — | | | — | | | 145,558 | | | 145,558 | | | 145,558 | | | — | | | Certificate of deposits and term deposits | Level 2 | | 210,197 | | | — | | | — | | | 210,197 | | | 210,197 | | | 2,000 | | | 208,197 | | | HTM securities (1) | | | | | | | | | | | | | | | | | U.S. Treasury bills | Level 1 | | $ | 127,396 | | | $ | 19 | | | $ | (15) | | | 127,400 | | | 127,396 | | | $ | — | | | $ | 127,396 | | | | | | | | | | | | | | | | | | | Corporate debt securities | Level 2 | | $ | 450,797 | | | $ | 131 | | | $ | (285) | | | 450,643 | | | 450,797 | | | $ | — | | | $ | 450,797 | | | | | | | | | | | | | | | | | | | | | $ | 578,193 | | | $ | 150 | | | $ | (300) | | | $ | 578,043 | | | $ | 578,193 | | | $ | — | | | $ | 578,193 | | | | | | | | | | | | | | | | | | | Total | | | $ | 951,186 | | | $ | 150 | | | $ | (300) | | | $ | 951,036 | | | $ | 951,186 | | | $ | 164,796 | | | $ | 786,390 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Audited | | Fair value level | | Adjusted cost basis | | Unrealized gains | | Unrealized losses | | Fair market value | | Recorded basis | | Cash and cash equivalents | | Short-term investments (2) | | Cash | | | $ | 9,955 | | | $ | — | | | $ | — | | | $ | 9,955 | | | $ | 9,955 | | | $ | 9,955 | | | $ | — | | | Money market funds | Level 1 | | 227,166 | | | — | | | — | | | 227,166 | | | 227,166 | | | 227,166 | | | — | | | Certificate of deposits and term deposits | Level 2 | | 153,169 | | | — | | | — | | | 153,169 | | | 153,169 | | | 3,700 | | | 149,469 | | | HTM securities (1) | | | | | | | | | | | | | | | | | U.S. Treasury bills | Level 1 | | $ | 78,844 | | | $ | 55 | | | $ | (110) | | | 78,789 | | | 78,844 | | | $ | — | | | $ | 78,844 | | | Government and governmental agencies | Level 2 | | $ | 24,940 | | | $ | 13 | | | $ | — | | | 24,953 | | | 24,940 | | | $ | — | | | $ | 24,940 | | | Corporate debt securities | Level 2 | | $ | 416,542 | | | $ | 486 | | | $ | (149) | | | 416,879 | | | 416,542 | | | $ | — | | | $ | 416,542 | | | | | | | | | | | | | | | | | | | | | $ | 520,326 | | | $ | 554 | | | $ | (259) | | | $ | 520,621 | | | $ | 520,326 | | | $ | — | | | $ | 520,326 | | | | | | | | | | | | | | | | | | | Total | | | $ | 910,616 | | | $ | 554 | | | $ | (259) | | | $ | 910,911 | | | $ | 910,616 | | | $ | 240,821 | | | $ | 669,795 | |
(1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement,$16,074 of short-term investments are pledged. See Note 4.
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| Schedule of amortized cost and recorded basis of T-bills in short-term Investments |
As of June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Unaudited | | Fair value level | | Adjusted cost basis | | Unrealized gains | | Unrealized losses | | Fair market value | | Recorded basis | | Cash and cash equivalents | | Short-term investments (2) | | Cash | | | $ | 17,238 | | | $ | — | | | $ | — | | | $ | 17,238 | | | $ | 17,238 | | | $ | 17,238 | | | $ | — | | | Money market funds | Level 1 | | 145,558 | | | — | | | — | | | 145,558 | | | 145,558 | | | 145,558 | | | — | | | Certificate of deposits and term deposits | Level 2 | | 210,197 | | | — | | | — | | | 210,197 | | | 210,197 | | | 2,000 | | | 208,197 | | | HTM securities (1) | | | | | | | | | | | | | | | | | U.S. Treasury bills | Level 1 | | $ | 127,396 | | | $ | 19 | | | $ | (15) | | | 127,400 | | | 127,396 | | | $ | — | | | $ | 127,396 | | | | | | | | | | | | | | | | | | | Corporate debt securities | Level 2 | | $ | 450,797 | | | $ | 131 | | | $ | (285) | | | 450,643 | | | 450,797 | | | $ | — | | | $ | 450,797 | | | | | | | | | | | | | | | | | | | | | $ | 578,193 | | | $ | 150 | | | $ | (300) | | | $ | 578,043 | | | $ | 578,193 | | | $ | — | | | $ | 578,193 | | | | | | | | | | | | | | | | | | | Total | | | $ | 951,186 | | | $ | 150 | | | $ | (300) | | | $ | 951,036 | | | $ | 951,186 | | | $ | 164,796 | | | $ | 786,390 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Audited | | Fair value level | | Adjusted cost basis | | Unrealized gains | | Unrealized losses | | Fair market value | | Recorded basis | | Cash and cash equivalents | | Short-term investments (2) | | Cash | | | $ | 9,955 | | | $ | — | | | $ | — | | | $ | 9,955 | | | $ | 9,955 | | | $ | 9,955 | | | $ | — | | | Money market funds | Level 1 | | 227,166 | | | — | | | — | | | 227,166 | | | 227,166 | | | 227,166 | | | — | | | Certificate of deposits and term deposits | Level 2 | | 153,169 | | | — | | | — | | | 153,169 | | | 153,169 | | | 3,700 | | | 149,469 | | | HTM securities (1) | | | | | | | | | | | | | | | | | U.S. Treasury bills | Level 1 | | $ | 78,844 | | | $ | 55 | | | $ | (110) | | | 78,789 | | | 78,844 | | | $ | — | | | $ | 78,844 | | | Government and governmental agencies | Level 2 | | $ | 24,940 | | | $ | 13 | | | $ | — | | | 24,953 | | | 24,940 | | | $ | — | | | $ | 24,940 | | | Corporate debt securities | Level 2 | | $ | 416,542 | | | $ | 486 | | | $ | (149) | | | 416,879 | | | 416,542 | | | $ | — | | | $ | 416,542 | | | | | | | | | | | | | | | | | | | | | $ | 520,326 | | | $ | 554 | | | $ | (259) | | | $ | 520,621 | | | $ | 520,326 | | | $ | — | | | $ | 520,326 | | | | | | | | | | | | | | | | | | | Total | | | $ | 910,616 | | | $ | 554 | | | $ | (259) | | | $ | 910,911 | | | $ | 910,616 | | | $ | 240,821 | | | $ | 669,795 | |
(1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement,$16,074 of short-term investments are pledged. See Note 4.
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| Schedule of available-for-sale securities reconciliation |
As of June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | Unaudited | | Fair value level | | Adjusted cost basis | | Unrealized gains | | Unrealized losses | | Fair market value | | Recorded basis | | Cash and cash equivalents | | Short-term investments (2) | | Cash | | | $ | 17,238 | | | $ | — | | | $ | — | | | $ | 17,238 | | | $ | 17,238 | | | $ | 17,238 | | | $ | — | | | Money market funds | Level 1 | | 145,558 | | | — | | | — | | | 145,558 | | | 145,558 | | | 145,558 | | | — | | | Certificate of deposits and term deposits | Level 2 | | 210,197 | | | — | | | — | | | 210,197 | | | 210,197 | | | 2,000 | | | 208,197 | | | HTM securities (1) | | | | | | | | | | | | | | | | | U.S. Treasury bills | Level 1 | | $ | 127,396 | | | $ | 19 | | | $ | (15) | | | 127,400 | | | 127,396 | | | $ | — | | | $ | 127,396 | | | | | | | | | | | | | | | | | | | Corporate debt securities | Level 2 | | $ | 450,797 | | | $ | 131 | | | $ | (285) | | | 450,643 | | | 450,797 | | | $ | — | | | $ | 450,797 | | | | | | | | | | | | | | | | | | | | | $ | 578,193 | | | $ | 150 | | | $ | (300) | | | $ | 578,043 | | | $ | 578,193 | | | $ | — | | | $ | 578,193 | | | | | | | | | | | | | | | | | | | Total | | | $ | 951,186 | | | $ | 150 | | | $ | (300) | | | $ | 951,036 | | | $ | 951,186 | | | $ | 164,796 | | | $ | 786,390 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Audited | | Fair value level | | Adjusted cost basis | | Unrealized gains | | Unrealized losses | | Fair market value | | Recorded basis | | Cash and cash equivalents | | Short-term investments (2) | | Cash | | | $ | 9,955 | | | $ | — | | | $ | — | | | $ | 9,955 | | | $ | 9,955 | | | $ | 9,955 | | | $ | — | | | Money market funds | Level 1 | | 227,166 | | | — | | | — | | | 227,166 | | | 227,166 | | | 227,166 | | | — | | | Certificate of deposits and term deposits | Level 2 | | 153,169 | | | — | | | — | | | 153,169 | | | 153,169 | | | 3,700 | | | 149,469 | | | HTM securities (1) | | | | | | | | | | | | | | | | | U.S. Treasury bills | Level 1 | | $ | 78,844 | | | $ | 55 | | | $ | (110) | | | 78,789 | | | 78,844 | | | $ | — | | | $ | 78,844 | | | Government and governmental agencies | Level 2 | | $ | 24,940 | | | $ | 13 | | | $ | — | | | 24,953 | | | 24,940 | | | $ | — | | | $ | 24,940 | | | Corporate debt securities | Level 2 | | $ | 416,542 | | | $ | 486 | | | $ | (149) | | | 416,879 | | | 416,542 | | | $ | — | | | $ | 416,542 | | | | | | | | | | | | | | | | | | | | | $ | 520,326 | | | $ | 554 | | | $ | (259) | | | $ | 520,621 | | | $ | 520,326 | | | $ | — | | | $ | 520,326 | | | | | | | | | | | | | | | | | | | Total | | | $ | 910,616 | | | $ | 554 | | | $ | (259) | | | $ | 910,911 | | | $ | 910,616 | | | $ | 240,821 | | | $ | 669,795 | |
(1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss. (2) Pursuant to a bank guaranty agreement,$16,074 of short-term investments are pledged. See Note 4.
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