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INVESTMENTS IN DEBT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Short-term and Long-term Investments
The Company's short-term and long-term investments as of September 30, 2024 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$33,760 $42 $(30)$33,772 
Corporate bonds136,975 501 (12)137,464 
Commercial paper598 — — 598 
Municipal securities92 — — 92 
Certificates of deposit738 — — 738 
U.S. government securities331,708 707 (93)332,322 
Total$503,871 $1,250 $(135)$504,986 
Long-term debt securities:
U.S. agency securities$39,017 $22 $(5)$39,034 
Corporate bonds185,156 1,691 (62)186,785 
Municipal securities3,462 65 (128)3,399 
Certificates of deposit515 — — 515 
U.S. government securities199,235 3,212 (4)202,443 
Total$427,385 $4,990 $(199)$432,176 

The Company's short-term and long-term investments as of December 31, 2023 were as follows (in thousands):
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term debt securities:
U.S. agency securities$68,778 $— $(1,263)$67,515 
Corporate bonds216,864 96 (1,733)215,227 
Commercial paper15,159 — — 15,159 
Municipal securities9,396 — (231)9,165 
Certificates of deposit3,856 — — 3,856 
U.S. government securities544,145 210 (4,357)539,998 
Foreign government securities1,000 — (19)981 
Total$859,198 $306 $(7,603)$851,901 
Long-term debt securities:
Corporate bonds$94,564 $809 $(45)$95,328 
Municipal securities2,495 55 (138)2,412 
U.S. government securities152,549 875 (37)153,387 
Total$249,608 $1,739 $(220)$251,127 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):
September 30, 2024
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$5,000 $— $3,970 $(30)$8,970 $(30)
Corporate bonds10,420 (3)4,620 (9)15,040 (12)
U.S. government securities25,139 (7)39,912 (86)65,051 (93)
Total$40,559 $(10)$48,502 $(125)$89,061 $(135)
Long-term debt securities:
U.S. agency securities$13,995 $(5)$— $— $13,995 $(5)
Corporate bonds25,116 (62)— — 25,116 (62)
Municipal securities1,460 (30)388 (98)1,848 (128)
U.S. government securities4,618 (4)— — 4,618 (4)
Total$45,189 $(101)$388 $(98)$45,577 $(199)

December 31, 2023
Less than 12 MonthsGreater than 12 MonthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term debt securities:
U.S. agency securities$9,770 $(10)$57,745 $(1,253)$67,515 $(1,263)
Corporate bonds61,054 (60)110,706 (1,673)171,760 (1,733)
Municipal securities— — 9,165 (231)9,165 (231)
U.S. government securities80,724 (113)207,183 (4,243)287,907 (4,356)
Foreign government securities— — 981 (19)981 (19)
Total$151,548 $(183)$385,780 $(7,419)$537,328 $(7,602)
Long-term debt securities:
Corporate bonds$11,819 $(31)$2,274 $(14)$14,093 $(45)
Municipal securities976 (24)383 (112)1,359 (136)
U.S. government securities28,474 (37)— — 28,474 (37)
Total$41,269 $(92)$2,657 $(126)$43,926 $(218)
Contractual Maturities of Short-Term and Long-Term Investments
The contractual maturities of the Company's short-term and long-term investments as of September 30, 2024 were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$503,871 $504,986 
Due in one to five years427,385 432,176 
Total$931,256 $937,162