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INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Marketable Securities | Marketable securities consisted of the following as of March 31, 2025 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities | $ | 94,417 |  |  | $ | 151 |  |  | $ | (6) |  |  | $ | 94,562 |
Commercial paper | 4,595 |  |  | — |  |  | (3) |  |  | 4,592 |
Corporate notes and obligations | 285,572 |  |  | 408 |  |  | (51) |  |  | 285,929 |
Total marketable securities | $ | 384,584 |  |  | $ | 559 |  |  | $ | (60) |  |  | $ | 385,083 |
Marketable securities consisted of the following as of December 31, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities | $ | 126,916 |  |  | $ | 142 |  |  | $ | (13) |  |  | $ | 127,045 |
Commercial paper | 18,414 |  |  | 19 |  |  | — |  |  | 18,433 |
Corporate notes and obligations | 237,965 |  |  | 339 |  |  | (67) |  |  | 238,237 |
Total marketable securities | $ | 383,295 |  |  | $ | 500 |  |  | $ | (80) |  |  | $ | 383,715 |
Schedule of Investments Classified by Contractual Maturity Date | The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):
| March 31, 2025 |  | December 31, 2024
Due within 1 year | $ | 252,956 |  |  | $ | 337,673 |
Due in 1 to 2 years | 132,127 |  |  | 46,042 |
Total marketable securities | $ | 385,083 |  |  | $ | 383,715 |
Schedule of Strategic Investments Activity | Strategic investment activity during the three months ended March 31, 2025 is summarized as follows (in thousands):
| Equity Securities |  | Limited Partnerships |  | Total
Balance as of December 31, 2024 | $ | 8,685 |  |  | $ | 5,669 |  |  | $ | 14,354 |
Purchases of strategic investments | — |  |  | 550 |  |  | 550 |
Unrealized gain on strategic investments | — |  |  | 228 |  |  | 228 |
Impairment losses | (452) |  |  | — |  |  | (452) |
Balance as of March 31, 2025 | $ | 8,233 |  |  | $ | 6,447 |  |  | $ | 14,680 |
Strategic investment activity during the three months ended March 31, 2024 is summarized as follows (in thousands):
| Equity Securities |  | Limited Partnerships |  | Available-for- Sale Debt Securities |  | Total
Balance as of December 31, 2023 | $ | 7,179 |  |  | $ | 3,986 |  |  | $ | 362 |  |  | $ | 11,527 |
Interest accrued on available-for-sale debt securities | — |  |  | — |  |  | 2 |  |  | 2 |
Purchases of strategic investments | — |  |  | 210 |  |  | — |  |  | 210 |
Unrealized (loss) gain on strategic investments | 671 |  |  | 88 |  |  | — |  |  | 759 |
Balance as of March 31, 2024 | $ | 7,850 |  |  | $ | 4,284 |  |  | $ | 364 |  |  | $ | 12,498 |

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