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FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES
The following tables represent the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

September 30, 2025
(in thousands)
Fair Value
Level 1
Level 2
Level 3
Financial Assets:
Money market funds
$124,936 $124,936 $— $— 
Total cash equivalents
124,936 124,936 — — 
U.S. government treasury bills
413,238 413,238 — — 
Total short-term marketable securities
413,238 413,238 — — 
Total$538,174 $538,174 $— $— 

December 31, 2024
(in thousands)
Fair Value
Level 1
Level 2
Level 3
Financial Assets:
Money market funds
$94,697 $94,697 $— $— 
U.S. government treasury bills
117,442 117,442 — — 
Total cash equivalents
212,139 212,139 — — 
U.S. government treasury bills
549,236 549,236 — — 
Total short-term marketable securities
549,236 549,236 — — 
Total$761,375 $761,375 $— $— 

The following tables summarize the Company’s cash equivalents and marketable securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:
September 30, 2025
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Money market funds
$124,936 $— $— $124,936 
U.S. government treasury bills
413,108 130 — 413,238 
Total
$538,044 $130 $— $538,174 
December 31, 2024
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Money market funds
$94,697 $— $— $94,697 
U.S. government treasury bills
666,412 266 — 666,678 
Total
$761,109 $266 $— $761,375 
All of the Company’s marketable securities had maturities of less than one year.
The Company had one security with a fair value of $18.3 million in an unrealized loss position as of September 30, 2025 and no securities in unrealized loss position as of December 31, 2024. None of the Company’s marketable securities had been in an unrealized loss position for more than one year as of September 30, 2025 and December 31, 2024. 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 because the change in market value for the security that was in an unrealized loss position resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The Company does not intend to sell the money market funds and short term investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis.