CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

9 Months Ended

Sep. 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 September 30, 2024		As of December 31, 2023
	(in thousands)
Money market funds	$	21,951	$	63,919
Commercial paper		2,330		53,680
Corporate bonds		2,001		—
Total	$	26,282	$	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 was approximately seven and five months as of September 30, 2024 and December 31, 2023, respectively.

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

	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	193,524	$	—	$	—		$	193,524
Commercial paper		34,995		—		—			34,995
Government and government agency bonds		898,726		1,704		(23	)		900,407
Corporate bonds		232,654		603		(12	)		233,245
Certificates of deposit		17,988		—		—			17,988
Total cash, cash equivalents and investments	$	1,377,887	$	2,307	$	(35	)	$	1,380,159
As reported:
Cash and cash equivalents	$	197,854	$	1	$	—		$	197,855
Short-term investments		998,884		1,667		(17	)		1,000,534
Non-current investments		181,149		639		(18	)		181,770
Total cash, cash equivalents and investments	$	1,377,887	$	2,307	$	(35	)	$	1,380,159

	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