MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at September 30, 2023 and December 31, 2022:


(In thousands)	September 30, 2023		December 31, 2022
Cash and cash equivalents
Cash and money market	$	543,316	$	178,168
Cash equivalents	51,296		64,325
Total cash and cash equivalents	594,612		242,493
Marketable securities
Available-for-sale debt securities	$	137,049	$	384,415
Equity securities	2,745		5,149
Total marketable securities	139,794		389,564
Total cash, cash equivalents and marketable securities	$	734,406	$	632,057

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 30, 2023, consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss) (1)		Losses in Accumulated Other Comprehensive Income (Loss) (1)		Estimated Fair Value
Cash equivalents
Commercial paper	$	49,806	$	—	$	—	$	49,806
U.S. government agency securities	1,490		—		—		1,490
Total cash equivalents	51,296		—		—		51,296
Marketable securities
Corporate bonds	$	55,464	$	5	$	(359)	$	55,110
U.S. government agency securities	43,121		1		(190)		42,932
Asset backed securities	30,524		—		(419)		30,105
Commercial paper	8,902		—		—		8,902
Total marketable securities	138,011		6		(968)		137,049
Total available-for-sale securities	$	189,307	$	6	$	(968)	$	188,345

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(1)There was no tax impact from the gains and losses in accumulated other comprehensive income (loss) (“AOCI”).

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at December 31, 2022, consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss) (1)		Losses in Accumulated Other Comprehensive Income (Loss) (1)		Estimated Fair Value
Cash equivalents
Commercial paper	$	63,021	$	—	$	—	$	63,021
U.S. government agency securities	1,304		—		—		1,304
Total cash equivalents	64,325		—		—		64,325
Marketable securities
U.S. government agency securities	$	228,012	$	—	$	(2,789)	$	225,223
Corporate bonds	116,318		20		(1,667)		114,671
Asset backed securities	45,374		2		(855)		44,521
Total marketable securities	389,704		22		(5,311)		384,415
Total available-for-sale securities	$	454,029	$	22	$	(5,311)	$	448,740

______________

(1)There was no tax impact from the gains and losses in AOCI.

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at September 30, 2023:


	Due one year or less				Due after one year through five years
(In thousands)	Cost		Fair Value		Cost		Fair Value
Cash equivalents
Commercial paper	$	49,806	$	49,806	$	—	$	—
U.S. government agency securities	1,490		1,490		—		—
Total cash equivalents	51,296		51,296		—		—
Marketable securities
Corporate bonds	$	37,188	$	36,931	$	18,276	$	18,179
U.S. government agency securities	27,744		27,648		15,377		15,284
Commercial Paper	8,902		8,902		—		—
Asset backed securities	898		894		29,626		29,211
Total marketable securities	74,732		74,375		63,279		62,674
Total available-for-sale securities	$	126,028	$	125,671	$	63,279	$	62,674

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 30, 2023 aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:


	Less than one year				One year or greater				Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Marketable securities
Corporate bonds	$	34,109	$	(177)	$	17,996	$	(182)	$	52,105	$	(359)
U.S. government agency securities	33,114		(151)		7,929		(39)		41,043		(190)
Asset backed securities	15,011		(41)		15,094		(378)		30,105		(419)
Total available-for-sale securities	$	82,234	$	(369)	$	41,019	$	(599)	$	123,253	$	(968)

The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of September 30, 2023 and December 31, 2022 because the change in market value for those securities in an unrealized loss position resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers.

The gains and losses recorded on available-for-sale debt securities and equity securities are included in investment income (loss), net in the Company’s condensed consolidated statements of operations. The gains and losses recorded were not material for the three and nine months ended September 30, 2023 and 2022.