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FAIR VALUE | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE The Company accounts for certain assets and liabilities at fair value in accordance with the accounting guidance applicable to fair value measurements and disclosures. The carrying values of cash, cash equivalents, accounts receivable, accounts payable, and accrued expenses are deemed to be reasonable estimates of their fair values because of their short-term nature. The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1—Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access. Level 2—Inputs include: •Quoted prices for identical or similar assets or liabilities in active markets; •Quoted prices for identical or similar assets or liabilities in inactive markets; •Inputs, other than quoted prices in active markets, which are observable either directly or indirectly; •Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3—Unobservable inputs in which there is little or no market activity for the asset or liability, which require the reporting entity to develop its own estimates and assumptions relating to the pricing of the asset or liability including assumptions regarding risk. The following table presents amortized cost, gross unrealized gains and losses, and fair value by major security type and balance sheet classification as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash Equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 80,352 |  |  | $ | 80,352 |  |  | $ | — |  |  | $ | — |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 12,060 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 12,073 |  |  | $ | — |  |  | $ | 12,060 |  |  | $ | — |
Money market funds | 803,644 |  |  | — |  |  | — |  |  | 803,644 |  |  | 803,644 |  |  | — |  |  | — |
Subtotal | $ | 815,704 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 815,717 |  |  | $ | 803,644 |  |  | $ | 12,060 |  |  | $ | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 20,972 |  |  | $ | 9 |  |  | $ | (2) |  |  | $ | 20,979 |  |  | $ | — |  |  | $ | 1,842 |  |  | $ | 19,130 |
Certificates of deposit | 15,521 |  |  | 3 |  |  | (4) |  |  | 15,520 |  |  | — |  |  | 15,521 |  |  | — |
Corporate debt securities | 138,324 |  |  | 40 |  |  | (215) |  |  | 138,149 |  |  | — |  |  | 85,861 |  |  | 52,463 |
U.S. Treasury securities | 10,349 |  |  | 6 |  |  | (6) |  |  | 10,349 |  |  | — |  |  | — |  |  | 10,349 |
Subtotal | $ | 185,166 |  |  | $ | 58 |  |  | $ | (227) |  |  | $ | 184,997 |  |  | $ | — |  |  | $ | 103,224 |  |  | $ | 81,942 |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in SAFE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |
Subtotal | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |
Total | $ | 1,000,870 |  |  | $ | 71 |  |  | $ | (227) |  |  | $ | 1,082,466 |  |  | $ | 883,996 |  |  | $ | 115,284 |  |  | $ | 83,342 |
As of December 31, 2024
(In thousands) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash Equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 73,351 |  |  | $ | 73,351 |  |  | $ | — |  |  | $ | — |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 15,659 |  |  | $ | 2 |  |  | $ | (1) |  |  | $ | 15,661 |  |  | $ | — |  |  | $ | 15,659 |  |  | $ | — |
Money market funds | 712,440 |  |  | — |  |  | — |  |  | 712,440 |  |  | 712,440 |  |  | — |  |  | — |
Subtotal | $ | 728,099 |  |  | $ | 2 |  |  | $ | (1) |  |  | $ | 728,101 |  |  | $ | 712,440 |  |  | $ | 15,659 |  |  | $ | — |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | $ | 16,280 |  |  | $ | 10 |  |  | $ | (1) |  |  | $ | 16,289 |  |  | $ | — |  |  | $ | 697 |  |  | $ | 15,583 |
Certificates of deposit | 11,521 |  |  | — |  |  | (14) |  |  | 11,507 |  |  | — |  |  | 11,521 |  |  | — |
Corporate debt securities | 126,031 |  |  | 7 |  |  | (494) |  |  | 125,543 |  |  | — |  |  | 55,013 |  |  | 71,018 |
U.S. Treasury securities | 19,255 |  |  | 2 |  |  | (61) |  |  | 19,195 |  |  | — |  |  | 8,964 |  |  | 10,291 |
Subtotal | $ | 173,087 |  |  | $ | 19 |  |  | $ | (570) |  |  | $ | 172,534 |  |  | $ | — |  |  | $ | 76,195 |  |  | $ | 96,892 |
Level 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in SAFE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |
Subtotal | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400 |
Total | $ | 901,186 |  |  | $ | 21 |  |  | $ | (571) |  |  | $ | 975,386 |  |  | $ | 785,791 |  |  | $ | 91,854 |  |  | $ | 98,292 |
As of March 31, 2025 and December 31, 2024, all of the Company’s short-term investments have contractual maturities of one year or less and all of the Company’s long-term investments have contractual maturities between one and five years. The Company has elected to present accrued interest within Prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets. Accrued interest was $1,614 and $1,487 as of March 31, 2025 and December 31, 2024, respectively. Changes in market interest rates, credit risk of borrowers and overall market liquidity, amongst other factors, may cause the short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of March 31, 2025, the Company does not intend to sell, nor is it more likely than not that it will be required to sell, such securities before recovering the amortized cost basis. No allowance for credit losses have been were recognized in the financial statements for held-to-maturity debt securities for the periods ended March 31, 2025 and 2024. Cash equivalents consist primarily of money market accounts with maturities of three months or less at the date of acquisition and are classified within Level 1. The Company’s investments in corporate debt securities, U.S. Treasury securities, certificates of deposit, and asset-backed securities, which collectively are investments in held-to-maturity debt securities, are classified within Level 2, as their valuation requires quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and/or model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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