INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities consisted of the following as of September 30, 2025 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	136,831	$	186	$	(10)	$	137,007
Commercial paper	7,573		1		—		7,574
Corporate notes and obligations	232,620		268		(23)		232,865
Total marketable securities	$	377,024	$	455	$	(33)	$	377,446

Marketable securities consisted of the following as of December 31, 2024 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	126,916	$	142	$	(13)	$	127,045
Commercial paper	18,414		19		—		18,433
Corporate notes and obligations	237,965		339		(67)		238,237
Total marketable securities	$	383,295	$	500	$	(80)	$	383,715

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):

	September 30, 2025		December 31, 2024
Due within 1 year	$	333,480	$	337,673
Due in 1 to 2 years	43,966		46,042
Total marketable securities	$	377,446	$	383,715

Schedule of Strategic Investments Activity

Strategic investment activity during the nine months ended September 30, 2025 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Total
Balance as of December 31, 2024	$	8,685	$	5,669	$	14,354
Purchases of strategic investments, net(1)	—		1,641		1,641
Unrealized gain on strategic investments	—		232		232
Impairment of strategic investments	(469)		—		(469)
Balance as of September 30, 2025	$	8,216	$	7,542	$	15,758

    (1) Includes net contributions and distributions from limited partnership securities.

Strategic investment activity during the nine months ended September 30, 2024 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527
Interest accrued on available-for-sale debt securities	—		—		6		6
Purchases of strategic investments	498		1,419		—		1,917
Unrealized gain on strategic investments	671		(30)		—		641
Impairment of strategic investments	(184)		—		—		(184)
Balance as of September 30, 2024	$	8,164	$	5,375	$	368	$	13,907