CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2025

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

Cash and cash equivalents and marketable securities consisted of the following as of June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	564,081	$	271,042
Marketable securities, current	124,055		147,948
Marketable securities, non-current	61,163		60,686
Total cash and cash equivalents and marketable securities	$	749,299	$	479,676

As of June 30, 2025, cash equivalents and marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Money market accounts	$	474,463	$	—	$	—	$	474,463	$	474,463	$	—
Certificates of deposit	15,163		7		(1)		15,169		—		15,169
Commercial paper	13,481		2		(1)		13,482		5,979		7,503
Corporate debt securities	95,135		115		(11)		95,239		—		95,239
Yankee bonds	3,208		4		(1)		3,211		—		3,211
U.S. Treasury securities	39,240		22		(16)		39,246		9,991		29,255
Mortgage- and asset-backed securities	34,744		97		—		34,841		—		34,841
Total	$	675,434	$	247	$	(30)	$	675,651	$	490,433	$	185,218

The following table presents the Company’s marketable securities with unrealized losses by investment category and the length of time the marketable securities have been in a continuous loss position as of June 30, 2025:


	In Loss Position for Less than 12 Months
	Fair Value		Unrealized Losses
Certificates of deposit	$	2,499	$	(1)
Commercial paper	5,979		(1)
Corporate debt securities	12,466		(11)
Yankee bonds	2,724		(1)
U.S. Treasury securities	10,639		(16)
Total	$	34,307	$	(30)

The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. As of June 30, 2025, the Company had not recognized an allowance for credit losses on any marketable securities in an unrealized loss position.

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of June 30, 2025:


	Amortized Cost		Fair Value
Due within one year	$	614,394	$	614,488
Due within one to two years	61,040		61,163
Total	$	675,434	$	675,651