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CASH, CASH EQUIVALENTS AND INVESTMENTS | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
CASH, CASH EQUIVALENTS AND INVESTMENTS | CASH, CASH EQUIVALENTS AND INVESTMENTS 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 |
The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell any investments in unrealized loss positions before recovery of their amortized cost basis. The Company did not recognize any credit losses related to its available-for-sale investments during the three and nine months ended September 30, 2024 and 2023. The unrealized losses on the Company’s available-for-sale investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale investments held as of September 30, 2024, were in a continuous unrealized loss position for greater than 12 months and the unrealized losses and the related risk of expected credit losses were not material. 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. As of September 30, 2024, all outstanding available-for-sale investments had contractual maturities within one year and aggregated to a fair value of $742.3 million.

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- Definition The entire disclosure of the components of cash, cash equivalents, and short-term investments. Short-term investments may include current marketable securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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