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FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value, assets measured on recurring basis

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					$	—					$	—

Schedule of cash equivalents and marketable debt securities

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

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- References

No definition available.

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