MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at March 31, 2024 and December 31, 2023:


(In thousands)	March 31, 2024		December 31, 2023
Cash and cash equivalents
Cash and money market	$	329,357	$	530,100
Cash equivalents	18,130		75,278
Total cash and cash equivalents	347,487		605,378
Marketable securities
Available-for-sale debt securities	$	302,020	$	168,425
Equity securities	2,586		3,841
Total marketable securities	304,606		172,266
Total cash, cash equivalents and marketable securities	$	652,093	$	777,644

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at March 31, 2024, consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss) (1)		Losses in Accumulated Other Comprehensive Income (Loss) (1)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	18,132	$	—	$	(2)	$	18,130
Total cash equivalents	18,132		—		(2)		18,130
Marketable securities
Corporate bonds	$	141,211	$	76	$	(442)	$	140,845
U.S. government agency securities	81,779		24		(90)		81,713
Asset backed securities	71,049		17		(316)		70,750
Commercial paper	8,712		—		—		8,712
Total marketable securities	302,751		117		(848)		302,020
Total available-for-sale securities	$	320,883	$	117	$	(850)	$	320,150

______________

(1)There was no tax impact from the gains and losses in accumulated other comprehensive income (loss) (“AOCI”).

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at December 31, 2023, consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (Loss) (1)		Losses in Accumulated Other Comprehensive Income (Loss) (1)		Estimated Fair Value
Cash equivalents
Commercial paper	$	72,243	$	—	$	—	$	72,243
U.S. government agency securities	3,035		—		—		3,035
Total cash equivalents	75,278		—		—		75,278
Marketable securities
U.S. government agency securities	$	56,594	$	166	$	(44)	$	56,716
Corporate bonds	55,712		175		(59)		55,828
Asset backed securities	35,081		65		(249)		34,897
Commercial paper	20,984		—		—		20,984
Total marketable securities	168,371		406		(352)		168,425
Total available-for-sale securities	$	243,649	$	406	$	(352)	$	243,703

______________

(1)There was no tax impact from the gains and losses in AOCI.

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at March 31, 2024:


	Due one year or less				Due after one year through five years
(In thousands)	Cost		Fair Value		Cost		Fair Value
Cash equivalents
U.S. government agency securities	$	18,132	$	18,130	$	—	$	—
Total cash equivalents	18,132		18,130		—		—
Marketable securities
U.S. government agency securities	$	63,225	$	63,170	$	18,554	$	18,543
Corporate bonds	30,241		30,195		110,970		110,650
Commercial paper	8,712		8,712		—		—
Asset backed securities	2,467		2,466		68,582		68,284
Total marketable securities	104,645		104,543		198,106		197,477
Total available-for-sale securities	$	122,777	$	122,673	$	198,106	$	197,477

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of March 31, 2024 aggregated by investment category and length of time those individual securities have been in a continuous unrealized loss position:


	Less than one year				One year or greater				Total
(In thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
Cash equivalents
U.S. government agency securities	$	8,115	$	(2)	$	—	$	—	$	8,115	$	(2)
Total cash equivalents	8,115		(2)		—		—		8,115		(2)
Marketable securities
Corporate bonds	$	109,000	$	(434)	$	3,490	$	(8)	$	112,490	$	(442)
U.S. government agency securities	64,100		(89)		1,996		(1)		66,096		(90)
Asset backed securities	46,430		(145)		8,042		(171)		54,472		(316)
Total marketable securities	219,530		(668)		13,528		(180)		233,058		(848)
Total available-for-sale securities	$	227,645	$	(670)	$	13,528	$	(180)	$	241,173	$	(850)

The Company evaluates investments that are in an unrealized loss position for impairment as a result of credit loss. It was determined that no credit losses exist as of March 31, 2024 and December 31, 2023 because the change in market value for those securities in an unrealized loss position resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers.

The gains and losses recorded on available-for-sale debt securities and equity securities are included in investment income, net in the Company’s condensed consolidated statements of operations. The gains and losses recorded were not material for the three months ended March 31, 2024 and 2023.