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CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Debt Securities, Available-for-Sale | The following table presents the Company’s cash, cash equivalents and short-term investments:
| September 30, 2024 |  | December 31, 2023
(in thousands) | Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Cash: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 5,406 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,406 |  |  | $ | 2,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,795 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 118,774 |  |  | — |  |  | — |  |  | 118,774 |  |  | 61,166 |  |  | — |  |  | — |  |  | 61,166 |
U.S. Treasury securities | 68,669 |  |  | 13 |  |  | — |  |  | 68,682 |  |  | 92,113 |  |  | 14 |  |  | — |  |  | 92,127 |
Commercial paper | 84,626 |  |  | 23 |  |  | — |  |  | 84,649 |  |  | 93,447 |  |  | 15 |  |  | — |  |  | 93,462 |
Certificates of deposit | 6,672 |  |  | 1 |  |  | — |  |  | 6,673 |  |  | 13,799 |  |  | 2 |  |  | — |  |  | 13,801 |
Municipal securities | 250 |  |  | — |  |  | — |  |  | 250 |  |  | — |  |  | — |  |  | — |  |  | — |
Total cash equivalents | 278,991 |  |  | 37 |  |  | — |  |  | 279,028 |  |  | 260,525 |  |  | 31 |  |  | — |  |  | 260,556 |
Total cash and equivalents | 284,397 |  |  | 37 |  |  | — |  |  | 284,434 |  |  | 263,320 |  |  | 31 |  |  | — |  |  | 263,351 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | 2,240 |  |  | — |  |  | (1) |  |  | 2,239 |  |  | 118,370 |  |  | — |  |  | (78) |  |  | 118,292 |
U.S. Treasury securities | 562,072 |  |  | 429 |  |  | (8) |  |  | 562,493 |  |  | 615,962 |  |  | 249 |  |  | (10) |  |  | 616,201 |
Commercial paper | 17,320 |  |  | 4 |  |  | — |  |  | 17,324 |  |  | — |  |  | — |  |  | — |  |  | — |
Total short-term investments | 581,632 |  |  | 433 |  |  | (9) |  |  | 582,056 |  |  | 734,332 |  |  | 249 |  |  | (88) |  |  | 734,493 |
Total cash, cash equivalents and short-term investments | $ | 866,029 |  |  | $ | 470 |  |  | $ | (9) |  |  | $ | 866,490 |  |  | $ | 997,652 |  |  | $ | 280 |  |  | $ | (88) |  |  | $ | 997,844 |
Schedule of Cash and Cash Equivalents | The following table presents the Company’s cash, cash equivalents and short-term investments:
| September 30, 2024 |  | December 31, 2023
(in thousands) | Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
Cash: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits | $ | 5,406 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,406 |  |  | $ | 2,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,795 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 118,774 |  |  | — |  |  | — |  |  | 118,774 |  |  | 61,166 |  |  | — |  |  | — |  |  | 61,166 |
U.S. Treasury securities | 68,669 |  |  | 13 |  |  | — |  |  | 68,682 |  |  | 92,113 |  |  | 14 |  |  | — |  |  | 92,127 |
Commercial paper | 84,626 |  |  | 23 |  |  | — |  |  | 84,649 |  |  | 93,447 |  |  | 15 |  |  | — |  |  | 93,462 |
Certificates of deposit | 6,672 |  |  | 1 |  |  | — |  |  | 6,673 |  |  | 13,799 |  |  | 2 |  |  | — |  |  | 13,801 |
Municipal securities | 250 |  |  | — |  |  | — |  |  | 250 |  |  | — |  |  | — |  |  | — |  |  | — |
Total cash equivalents | 278,991 |  |  | 37 |  |  | — |  |  | 279,028 |  |  | 260,525 |  |  | 31 |  |  | — |  |  | 260,556 |
Total cash and equivalents | 284,397 |  |  | 37 |  |  | — |  |  | 284,434 |  |  | 263,320 |  |  | 31 |  |  | — |  |  | 263,351 |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | 2,240 |  |  | — |  |  | (1) |  |  | 2,239 |  |  | 118,370 |  |  | — |  |  | (78) |  |  | 118,292 |
U.S. Treasury securities | 562,072 |  |  | 429 |  |  | (8) |  |  | 562,493 |  |  | 615,962 |  |  | 249 |  |  | (10) |  |  | 616,201 |
Commercial paper | 17,320 |  |  | 4 |  |  | — |  |  | 17,324 |  |  | — |  |  | — |  |  | — |  |  | — |
Total short-term investments | 581,632 |  |  | 433 |  |  | (9) |  |  | 582,056 |  |  | 734,332 |  |  | 249 |  |  | (88) |  |  | 734,493 |
Total cash, cash equivalents and short-term investments | $ | 866,029 |  |  | $ | 470 |  |  | $ | (9) |  |  | $ | 866,490 |  |  | $ | 997,652 |  |  | $ | 280 |  |  | $ | (88) |  |  | $ | 997,844 |
Interest and Other Income | The Company recognized the following income and expense amounts, all of which are included in “Other income, net” within the Company’s unaudited Condensed Consolidated Statements of Operations:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Gross realized gains | $ | 3 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 506 |
Gross realized losses | $ | 1 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 139 |
Interest and investment income(1) | $ | 11,759 |  |  | $ | 14,455 |  |  | $ | 37,031 |  |  | $ | 41,607 |
(1)Includes interest and investment income on the Company’s available-for-sale securities and other money market funds.

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