MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

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


(In thousands)	September 30, 2025		December 31, 2024
Cash and cash equivalents
Cash and money market	$	781,729	$	595,548
Cash equivalents	7,308		5,341
Total cash and cash equivalents	789,037		600,889
Marketable securities
Available-for-sale debt securities	$	202,706	$	431,165
Equity securities	11,352		5,972
Total marketable securities	214,058		437,137
Total cash, cash equivalents and marketable securities	$	1,003,095	$	1,038,026

Available-for-sale debt securities, including the classification within the condensed consolidated balance sheet at September 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	$	7,308	$	—	$	—	$	7,308




Total cash equivalents	7,308		—		—		7,308
Marketable securities
Corporate bonds	$	103,623	$	652	$	(20)	$	104,255

U.S. government agency securities	68,829		257		(1)		69,085

Asset backed securities	29,292		78		(4)		29,366
Total marketable securities	201,744		987		(25)		202,706
Total available-for-sale debt securities	$	209,052	$	987	$	(25)	$	210,014

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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 September 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	$	7,308	$	7,308	$	—	$	—
Total cash equivalents	7,308		7,308		—		—
Marketable securities
Corporate bonds	$	37,654	$	37,822	$	65,969	$	66,433
U.S. government agency securities	25,777		25,811		43,052		43,274
Asset backed securities	15		16		29,277		29,350
Total marketable securities	63,446		63,649		138,298		139,057
Total available-for-sale securities	$	70,754	$	70,957	$	138,298	$	139,057

The following table summarizes the gross unrealized losses and fair values of available-for-sale debt securities in an unrealized loss position as of September 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
Corporate bonds	$	9,575	$	(20)	$	302	$	—	$	9,877	$	(20)
U.S. government agency securities	8,600		(1)		—		—		8,600		(1)
Asset backed securities	2,326		(4)		15		—		2,341		(4)
Total available-for-sale securities	$	20,501	$	(25)	$	317	$	—	$	20,818	$	(25)

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 September 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 nine months ended September 30, 2025 and 2024.