FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2025

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):

	September 30, 2025
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	253,005			$	253,005
U.S. treasury securities	10,163				10,163
Marketable securities:
U.S. treasury securities	137,007		—		137,007
Commercial paper	—		7,574		7,574
Corporate notes and obligations	—		232,865		232,865
Total	$	400,175	$	240,439	$	640,614

	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