CASH, CASH EQUIVALENTS AND INVESTMENTS

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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.