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FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
As of June 30, 2025 and December 31, 2024 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
June 30, 2025
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market accounts$474,463 $— $— $474,463 
U.S. Treasury securities9,991 — — 9,991 
Commercial paper— 5,979 — 5,979 
Marketable securities, current:
Certificates of deposit— 15,169 — 15,169 
Commercial paper— 7,503 — 7,503 
Corporate debt securities— 79,642 — 79,642 
Yankee bonds— 3,211 — 3,211 
U.S. Treasury securities18,530 — — 18,530 
Marketable securities, non-current
Corporate debt securities— 15,597 — 15,597 
U.S. Treasury securities10,725 — — 10,725 
Mortgage- and asset-backed securities— 34,841 — 34,841 
Total$513,709 $161,942 $— $675,651 
December 31, 2024
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market accounts$211,619 $— $— $211,619 
Marketable securities, current:
Certificates of deposit— 21,795 — 21,795 
Commercial paper— 10,109 — 10,109 
Corporate debt securities— 57,589 — 57,589 
Yankee bonds— 2,208 — 2,208 
U.S. Treasury securities55,568 — — 55,568 
Mortgage- and asset-backed securities— 680 — 680 
Marketable securities, non-current
Corporate debt securities— 28,887 — 28,887 
Yankee bonds— 378 — 378 
U.S. Treasury securities10,552 — — 10,552 
Mortgage- and asset-backed securities— 20,869 — 20,869 
Total$277,739 $142,515 $— $420,254 
The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.
There were no transfers between fair value measurement levels during the six months ended June 30, 2025.
Convertible Senior Notes
The Company measures the fair value of its convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes as of June 30, 2025 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. As of June 30, 2025, the net carrying amount of the convertible senior notes was $346,466, with unamortized discount and debt issuance costs of $8,534. As of June 30, 2025, the total estimated fair value (Level 2) of the convertible senior notes was $2,497,542. The fair value was determined based on the closing trading price of the convertible senior notes as of the last day of trading for the period.