MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at March 31, 2025 and December 31, 2024:


(In thousands)	March 31, 2025		December 31, 2024
Cash and cash equivalents
Cash and money market	$	341,013	$	595,548
Cash equivalents	6,114		5,341
Total cash and cash equivalents	347,127		600,889
Marketable securities
Available-for-sale debt securities	$	435,582	$	431,165
Equity securities	3,466		5,972
Total marketable securities	439,048		437,137
Total cash, cash equivalents and marketable securities	$	786,175	$	1,038,026

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at March 31, 2025, 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	$	6,114	$	—	$	—	$	6,114
Total cash equivalents	6,114		—		—		6,114
Marketable securities
Corporate bonds	$	211,627	$	1,222	$	(58)	$	212,791
U.S. government agency securities	153,663		366		(82)		153,947
Asset backed securities	68,714		155		(25)		68,844
Total marketable securities	434,004		1,743		(165)		435,582
Total available-for-sale debt securities	$	440,118	$	1,743	$	(165)	$	441,696

______________

(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, 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	$	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

______________

(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, 2025:


	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	$	6,114	$	6,114	$	—	$	—
Total cash equivalents	6,114		6,114		—		—
Marketable securities
Corporate bonds	$	58,682	$	58,869	$	152,945	$	153,922
U.S. government agency securities	54,820		54,867		98,843		99,080
Asset backed securities	8,898		8,909		59,816		59,935
Total marketable securities	122,400		122,645		311,604		312,937
Total available-for-sale securities	$	128,514	$	128,759	$	311,604	$	312,937

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, 2025 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	$	38,474	$	(82)	$	—	$	—	$	38,474	$	(82)
Corporate bonds	17,315		(58)		—		—		17,315		(58)
Asset backed securities	7,786		(18)		1,411		(7)		9,197		(25)
Total available-for-sale securities	$	63,575	$	(158)	$	1,411	$	(7)	$	64,986	$	(165)

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, 2025 and December 31, 2024 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 significant for the three months ended March 31, 2025 and 2024.