MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2025

Cash and Cash Equivalents [Abstract]

The following table sets forth the Company’s cash, cash equivalents, and marketable securities at June 30, 2025 and December 31, 2024:


(In thousands)	June 30, 2025		December 31, 2024
Cash and cash equivalents
Cash and money market	$	645,405	$	595,548
Cash equivalents	11,694		5,341
Total cash and cash equivalents	657,099		600,889
Marketable securities
Available-for-sale debt securities	$	195,941	$	431,165
Equity securities	5,395		5,972
Total marketable securities	201,336		437,137
Total cash, cash equivalents and marketable securities	$	858,435	$	1,038,026

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at June 30, 2025, 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	$	11,694	$	—	$	—	$	11,694




Total cash equivalents	11,694		—		—		11,694
Marketable securities
Corporate bonds	$	99,749	$	594	$	(12)	$	100,331

U.S. government agency securities	60,055		178		(6)		60,227

Asset backed securities	35,320		73		(10)		35,383
Total marketable securities	195,124		845		(28)		195,941
Total available-for-sale debt securities	$	206,818	$	845	$	(28)	$	207,635

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(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, 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	$	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.

The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at June 30, 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	$	11,694	$	11,694	$	—	$	—
Total cash equivalents	11,694		11,694		—		—
Marketable securities
Corporate bonds	$	33,854	$	33,978	$	65,895	$	66,353
U.S. government agency securities	30,008		30,022		30,047		30,205
Asset backed securities	2,998		3,000		32,322		32,383
Total marketable securities	66,860		67,000		128,264		128,941
Total available-for-sale securities	$	78,554	$	78,694	$	128,264	$	128,941

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of June 30, 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	$	16,694	$	(6)	$	—	$	—	$	16,694	$	(6)
Corporate bonds	9,793		(12)		—		—		9,793		(12)
Asset backed securities	9,193		(9)		356		(1)		9,549		(10)
Total available-for-sale securities	$	35,680	$	(27)	$	356	$	(1)	$	36,036	$	(28)

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 June 30, 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 and six months ended June 30, 2025 and 2024.