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MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 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 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

Schedule of available-for-sale securities

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

______________

(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

______________

(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 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

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 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)

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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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