FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Financial Instruments Measured at Fair Value

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	112,724	$	—	$	—	$	112,724
U.S. Treasury securities	143,566		—		—		143,566
Commercial paper	—		58,968		—		58,968
Corporate debt securities	—		72,114		—		72,114
Government-related debt securities	—		14,465		—		14,465
Total assets measured at fair value	$	256,290	$	145,547	$	—	$	401,837
(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	103,314		—		—		103,314
Commercial paper	—		21,795		—		21,795
Corporate debt securities	—		46,644		—		46,644
Government-related debt securities	—		29,801		—		29,801
Total assets measured at fair value	$	193,136	$	98,240	$	—	$	291,376
(1) This balance includes cash requirements settled on a nightly basis.

Schedule of Estimated Value of Cash, Cash Equivalents, Marketable Securities, and Equity Securities

The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table:


	September 30, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	112,724	$	—	$	—	$	112,724



Total cash equivalents	$	112,724	$	—	$	—	$	112,724

Marketable securities:
U.S. Treasury securities	$	143,422	$	146	$	(2)	$	143,566
Commercial paper	58,951		27		(10)		58,968
Corporate debt securities	71,959		157		(2)		72,114
Government-related debt securities	14,492		3		(30)		14,465
Total marketable securities	$	288,824	$	333	$	(44)	$	289,113

(1) This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash equivalents:
Money market funds(1)	$	89,822	$	—	$	—	$	89,822
U.S. Treasury securities	4,996		1		—		4,997


Total cash equivalents	$	94,818	$	1	$	—	$	94,819

Marketable securities:
U.S. Treasury securities	$	98,247	$	72	$	(2)	$	98,317
Commercial paper	21,757		38		—		21,795
Corporate debt securities	46,570		84		(10)		46,644
Government-related debt securities	29,805		12		(16)		29,801
Total marketable securities	$	196,379	$	206	$	(28)	$	196,557

(1 ) This balance includes cash requirements settled on a nightly basis.