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MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 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 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

Schedule of available-for-sale securities

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

______________

(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 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

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 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)

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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
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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

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-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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