CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

5. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of June 30, 2024		As of December 31, 2023
	(in thousands)
Money market funds	$	100,859	$	63,919
Government and government agency bonds		29,058		—
Corporate bonds		9,121		—
Commercial paper		—		53,680
Total	$	139,038	$	117,599

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of both June 30, 2024 and December 31, 2023 was approximately five months.

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:

	As of June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	345,443	$	—	$	—		$	345,443
Commercial paper		26,866		—		—			26,866
Government and government agency bonds		855,148		—		(894	)		854,254
Corporate bonds		180,890		6		(115	)		180,781
Certificates of deposit		53,130		—		—			53,130
Total cash, cash equivalents and investments	$	1,461,477	$	6	$	(1,009	)	$	1,460,474
As reported:
Cash and cash equivalents	$	383,623	$	—	$	(1	)	$	383,622
Short-term investments		1,077,854		6		(1,008	)		1,076,852
Total cash, cash equivalents and investments	$	1,461,477	$	6	$	(1,009	)	$	1,460,474

	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	374,750	$	—	$	—		$	374,750
Commercial paper		113,362		—		—			113,362
Government and government agency bonds		1,000,302		1,006		(171	)		1,001,137
Corporate bonds		130,270		118		(8	)		130,380
Certificates of deposit		56,621		—		—			56,621
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250
As reported:
Cash and cash equivalents	$	428,430	$	—	$	—		$	428,430
Short-term investments		1,246,875		1,124		(179	)		1,247,820
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250