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MARKETABLE SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Investments

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

Schedule of available-for-sale securities

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.

Schedule of contractual maturities of available-for-sale investments

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

Schedule of gross unrealized losses and fair values of investments in an unrealized loss position

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)

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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-Topic 326
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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