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CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES | 6 Months Ended
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Jun. 30, 2024
Cash and Cash Equivalents [Abstract] |
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES | 5. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
|  | (in thousands) |
Money market funds |  | $ | 100,859 |  |  | $ | 63,919 |
Government and government agency bonds |  |  | 29,058 |  |  |  | — |
Corporate bonds |  |  | 9,121 |  |  |  | — |
Commercial paper |  |  | — |  |  |  | 53,680 |
Total |  | $ | 139,038 |  |  | $ | 117,599 |
It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of both June 30, 2024 and December 31, 2023 was approximate ly five months. The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:
|  | As of June 30, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
|  | (in thousands) |
Cash and money market funds |  | $ | 345,443 |  |  | $ | — |  |  | $ | — |  |  | $ | 345,443 |
Commercial paper |  |  | 26,866 |  |  |  | — |  |  |  | — |  |  |  | 26,866 |
Government and government agency bonds |  |  | 855,148 |  |  |  | — |  |  |  | (894 | ) |  |  | 854,254 |
Corporate bonds |  |  | 180,890 |  |  |  | 6 |  |  |  | (115 | ) |  |  | 180,781 |
Certificates of deposit |  |  | 53,130 |  |  |  | — |  |  |  | — |  |  |  | 53,130 |
Total cash, cash equivalents and investments |  | $ | 1,461,477 |  |  | $ | 6 |  |  | $ | (1,009 | ) |  | $ | 1,460,474 |
As reported: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 383,623 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 383,622 |
Short-term investments |  |  | 1,077,854 |  |  |  | 6 |  |  |  | (1,008 | ) |  |  | 1,076,852 |
Total cash, cash equivalents and investments |  | $ | 1,461,477 |  |  | $ | 6 |  |  | $ | (1,009 | ) |  | $ | 1,460,474 |
|  | As of December 31, 2023 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Market Value |
|  | (in thousands) |
Cash and money market funds |  | $ | 374,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 374,750 |
Commercial paper |  |  | 113,362 |  |  |  | — |  |  |  | — |  |  |  | 113,362 |
Government and government agency bonds |  |  | 1,000,302 |  |  |  | 1,006 |  |  |  | (171 | ) |  |  | 1,001,137 |
Corporate bonds |  |  | 130,270 |  |  |  | 118 |  |  |  | (8 | ) |  |  | 130,380 |
Certificates of deposit |  |  | 56,621 |  |  |  | — |  |  |  | — |  |  |  | 56,621 |
Total cash, cash equivalents and investments |  | $ | 1,675,305 |  |  | $ | 1,124 |  |  | $ | (179 | ) |  | $ | 1,676,250 |
As reported: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 428,430 |  |  | $ | — |  |  | $ | — |  |  | $ | 428,430 |
Short-term investments |  |  | 1,246,875 |  |  |  | 1,124 |  |  |  | (179 | ) |  |  | 1,247,820 |
Total cash, cash equivalents and investments |  | $ | 1,675,305 |  |  | $ | 1,124 |  |  | $ | (179 | ) |  | $ | 1,676,250 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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