CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2025

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 March 31, 2025		As of December 31, 2024
	(in thousands)
Money market funds	$	41,671	$	455,535
Government and government agency bonds		24,979		—
Total	$	66,650	$	455,535

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 March 31, 2025 and December 31, 2024 was approximately eight and eleven months, respectively. All of the Company's non-current investments as of March 31, 2025 and December 31, 2024 had maturities between one and two years.

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 March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	215,888	$	—	$	—		$	215,888
Commercial paper		5,475		—		—			5,475
Government and government agency bonds		328,468		185		(103	)		328,550
Corporate bonds		68,678		41		(52	)		68,667
Certificates of deposit		13,307		—		—			13,307
Total cash, cash equivalents and investments	$	631,816	$	226	$	(155	)	$	631,887
As reported:
Cash and cash equivalents	$	240,867	$	—	$	—		$	240,867
Short-term investments		281,811		151		(67	)		281,895
Non-current investments		109,138		75		(88	)		109,125
Total cash, cash equivalents and investments	$	631,816	$	226	$	(155	)	$	631,887

	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	1,103,010	$	—	$	—		$	1,103,010
Government and government agency bonds		280,001		227		(329	)		279,899
Corporate bonds		93,816		67		(156	)		93,727
Certificates of deposit		11,319		—		—			11,319
Total cash, cash equivalents and investments	$	1,488,146	$	294	$	(485	)	$	1,487,955
As reported:
Cash and cash equivalents	$	1,103,010	$	—	$	—		$	1,103,010
Short-term investments		251,598		286		(102	)		251,782
Non-current investments		133,538		8		(383	)		133,163
Total cash, cash equivalents and investments	$	1,488,146	$	294	$	(485	)	$	1,487,955