MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

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


	December 31,
(In thousands)	2024		2023
Cash and cash equivalents
Cash and money market	$	595,548	$	530,100
Cash equivalents	5,341		75,278
Total cash and cash equivalents	600,889		605,378
Marketable securities
Available-for-sale debt securities	$	431,165	$	168,425
Equity securities	5,972		3,841
Total marketable securities	437,137		172,266
Total cash, cash equivalents, and marketable securities	$	1,038,026	$	777,644

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


(In thousands)	Amortized Cost		Gains in AOCI (1)		Losses in AOCI (1)		Estimated Fair Value
Cash equivalents
U.S. government agency securities	$	5,341	$	—	$	—	$	5,341
Total cash equivalents	5,341		—		—		5,341
Marketable securities
Corporate bonds	$	206,063	$	932	$	(121)	$	206,874
U.S. government agency securities	140,992		160		(200)		140,952
Asset backed securities	83,134		256		(51)		83,339
Total marketable securities	430,189		1,348		(372)		431,165
Total available-for-sale debt securities	$	435,530	$	1,348	$	(372)	$	436,506

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

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


(In thousands)	Amortized Cost		Gains in AOCI (1)		Losses in AOCI (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 debt securities	$	243,649	$	406	$	(352)	$	243,703

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(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 December 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	$	5,341	$	5,341	$	—	$	—
Total cash equivalents	5,341		5,341		—		—
Marketable securities
U.S. government agency securities	$	70,822	$	70,943	$	70,170	$	70,009
Corporate bonds	39,224		39,321		166,839		167,553
Asset backed securities	11,298		11,331		71,836		72,008
Total marketable securities	121,344		121,595		308,845		309,570
Total available-for-sale securities	$	126,685	$	126,936	$	308,845	$	309,570

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 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
Marketable securities
U.S. government agency securities	$	39,542	$	(199)	$	1,990	$	(1)	$	41,532	$	(200)
Corporate bonds	25,979		(121)		—		—		25,979		(121)
Asset backed securities	5,567		(28)		2,666		(23)		8,233		(51)
Total available-for-sale securities	$	71,088	$	(348)	$	4,656	$	(24)	$	75,744	$	(372)

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of December 31, 2023, 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	$	25,895	$	(41)	$	2,480	$	(18)	$	28,375	$	(59)
U.S. government agency securities	15,756		(35)		3,965		(9)		19,721		(44)
Asset backed securities	4,377		(5)		10,935		(244)		15,312		(249)
Total available-for-sale securities	$	46,028	$	(81)	$	17,380	$	(271)	$	63,408	$	(352)

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 December 31, 2024 and 2023 because the change in market value for those securities in an unrealized loss position has 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 consolidated statements of operations. The gains and losses recorded were not significant for the years ended December 31, 2024, 2023, and 2022.