FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

All marketable securities were classified as available-for-sale as of June 30, 2025 and December 31, 2024.

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of the dates presented:


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	817,253	$	—	$	—	$	817,253	$	817,253	$	—	$	—

Level 2:
Money market instruments	396,563		—		—		396,563		396,563		—		—
Corporate debt securities	484,334		3,161		(47)		487,448		—		164,564		322,884
U.S. government agency securities	170,164		840		(46)		170,958		—		53,741		117,217

Asset-backed securities	68,198		310		(13)		68,495		—		4		68,491

Subtotal	1,119,259		4,311		(106)		1,123,464		396,563		218,309		508,592
Total	$	1,936,512	$	4,311	$	(106)	$	1,940,717	$	1,213,816	$	218,309	$	508,592


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities (1)		Long-term Marketable Securities (2)
Level 1:
Cash	$	329,619	$	—	$	—	$	329,619	$	329,619	$	—	$	—

Level 2:
Money market instruments	613,223		—		—		613,223		613,223		—		—
Corporate debt securities	503,202		2,410		(390)		505,222		—		168,104		337,118
Asset-backed securities	138,508		363		(344)		138,527		—		25,864		112,663

U.S. government agency securities	72,027		359		(33)		72,353		—		896		71,457

Subtotal	1,326,960		3,132		(767)		1,329,325		613,223		194,864		521,238
Total	$	1,656,579	$	3,132	$	(767)	$	1,658,944	$	942,842	$	194,864	$	521,238

(1) The Company’s short-term marketable securities mature in one year or less.

(2) The Company’s long-term marketable securities mature between one and five years.

As of June 30, 2025, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.