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INVESTMENTS IN DEBT SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Short-term and Long-term Investments

The Company's short-term and long-term investments as of December 31, 2024 were as follows (in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	34,454					$	15					$	(1)					$	34,468
Corporate bonds			160,238						248						(96)						160,390
Commercial paper			333						—						—						333
Municipal securities			398						1						—						399
Certificates of deposit			1,051						—						—						1,051
U.S. government securities			206,340						449						(4)						206,785
Total			$	402,814					$	713					$	(101)					$	403,426
Long-term debt securities:
U.S. agency securities			$	49,017					$	23					$	(10)					$	49,030
Corporate bonds			195,035						693						(384)						195,344
Municipal securities			4,592						4						(251)						4,345
U.S. government securities			222,164						1,218						(124)						223,258
Total			$	470,808					$	1,938					$	(769)					$	471,977

The Company's short-term and long-term investments as of December 31, 2023 are as follows (in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	68,778					$	—					$	(1,263)					$	67,515
Corporate bonds			216,864						96						(1,733)						215,227
Commercial paper			15,159						—						—						15,159
Municipal securities			9,396						—						(231)						9,165
Certificates of deposit			3,856						—						—						3,856
U.S. government securities			544,145						210						(4,357)						539,998
Foreign government securities			1,000						—						(19)						981
Total			$	859,198					$	306					$	(7,603)					$	851,901
Long-term debt securities:
Corporate bonds			$	94,564					$	809					$	(45)					$	95,328
Municipal securities			2,495						55						(138)						2,412
U.S. government securities			152,549						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 December 31, 2024 and 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):

			December 31, 2024
			Less than 12 months												Greater than 12 months												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Short-term debt securities:
U.S. agency securities			$	18,954					$	(1)					$	—					$	—					$	18,954					$	(1)
Corporate bonds			50,905						(93)						1,995						(3)						52,900						(96)
U.S. government securities			—						—						3,994						(4)						3,994						(4)
Total			$	69,859					$	(94)					$	5,989					$	(7)					$	75,848					$	(101)
Long-term debt securities:
U.S. agency securities			$	9,990					$	(10)					$	—					$	—					$	9,990					$	(10)
Corporate bonds			80,550						(384)						—						—						80,550						(384)
Municipal securities			2,848						(128)						363						(123)						3,211						(251)
U.S. government securities			58,681						(124)						—						—						58,681						(124)
Total			$	152,069					$	(646)					$	363					$	(123)					$	152,432					$	(769)

			December 31, 2023
			Less than 12 months												Greater than 12 months												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Short-term debt securities:
U.S. agency securities			$	9,770					$	(10)					$	57,745					$	(1,253)					$	67,515					$	(1,263)
Corporate bonds			61,054						(60)						110,706						(1,673)						171,760						(1,733)
Municipal securities			—						—						9,165						(231)						9,165						(231)
U.S. government securities			80,724						(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 securities			976						(24)						383						(112)						1,359						(136)
U.S. government securities			28,474						(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 December 31, 2024 were as follows (in thousands):

			Amortized Cost						Fair Value
Due in one year or less			$	402,814					$	403,426
Due in one to five years			470,808						471,977
Total			$	873,622					$	875,403

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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