FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets measured at fair value on a recurring basis within the fair value hierarchy are summarized as follows (in thousands):

	December 31, 2024
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	384,648	$	—	$	384,648
Corporate notes and obligations	—		524		524
Marketable securities:
U.S. treasury securities	127,045		—		127,045
Commercial paper	—		18,433		18,433
Corporate notes and obligations	—		238,237		238,237
Total	$	511,693	$	257,194	$	768,887

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	303,452	$	—	$	—	$	303,452
Marketable securities:
U.S. treasury securities	128,576		—		—		128,576
Commercial paper	—		47,381		—		47,381
Corporate notes and obligations	—		139,680		—		139,680
Time deposits	—		4,524		—		4,524
Strategic investments:
Investments in available-for-sale debt securities	—		—		362		362
Total	$	432,028	$	191,585	$	362	$	623,975