MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024		December 31, 2023
Cash and cash equivalents
Cash and money market	$	582,741	$	530,100
Cash equivalents	6,089		75,278
Total cash and cash equivalents	588,830		605,378
Marketable securities
Available-for-sale debt securities	$	427,072	$	168,425
Equity securities	5,229		3,841
Total marketable securities	432,301		172,266
Total cash, cash equivalents and marketable securities	$	1,021,131	$	777,644

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 30, 2024, consisted of the following:


(In thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income (1)		Losses in Accumulated Other Comprehensive Income (1)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	6,089	$	—	$	—	$	6,089
Total cash equivalents	6,089		—		—		6,089
Marketable securities
Corporate bonds	$	212,590	$	2,039	$	(14)	$	214,615
U.S. government agency securities	126,676		436		(19)		127,093
Asset backed securities	84,977		441		(54)		85,364
Total marketable securities	424,243		2,916		(87)		427,072
Total available-for-sale securities	$	430,332	$	2,916	$	(87)	$	433,161

______________

(1)There was no tax impact from the gains and losses in accumulated other comprehensive income (“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 (1)		Losses in Accumulated Other Comprehensive Income (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 September 30, 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	$	6,089	$	6,089	$	—	$	—
Total cash equivalents	6,089		6,089		—		—
Marketable securities
U.S. government agency securities	$	89,800	$	90,048	$	36,876	$	37,045
Corporate bonds	51,706		51,890		160,884		162,725
Asset backed securities	11,388		11,448		73,589		73,916
Total marketable securities	152,894		153,386		271,349		273,686
Total available-for-sale securities	$	158,983	$	159,475	$	271,349	$	273,686

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 30, 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
Marketable securities
Corporate bonds	$	9,501	$	(13)	$	3,290	$	(1)	$	12,791	$	(14)
U.S. government agency securities	8,551		(16)		3,963		(3)		12,514		(19)
Asset backed securities	3,399		(3)		3,986		(51)		7,385		(54)
Total available-for-sale securities	$	21,451	$	(32)	$	11,239	$	(55)	$	32,690	$	(87)

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 September 30, 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 and nine months ended September 30, 2024 and 2023.