XML 27 R20.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of cash equivalents, restricted cash and marketable securities by security type

Cash equivalents, restricted cash and marketable securities by security type at June 30, 2024 were as follows:


						Gross				Gross
		Amortized				Unrealized				Unrealized				Estimated
(In thousands)		Cost				Gains				Losses				Fair Value
Included in cash and cash equivalents:
Money market funds		$	74,801			$	—			$	—			$	74,801
		$	74,801			$	—			$	—			$	74,801

Restricted cash:
Money market fund		$	850			$	—			$	—			$	850
Certificate of deposit			273				—				—				273
		$	1,123			$	—			$	—			$	1,123

Marketable securities:
U.S. Treasury securities (due in less than one year)		$	39,885			$	—			$	(30	)		$	39,855
Government-sponsored enterprise securities (due in less than one year)			44,532				2				(44	)			44,490
Government-sponsored enterprise securities (due in one to two years)			5,000				—				(9	)			4,991
Commercial paper (due in less than one year)			110,400				1				(192	)			110,209
Corporate notes (due in less than one year)			51,347				3				(115	)			51,235
Corporate notes (due in one to two years)			61,630				5				(121	)			61,514
		$	312,794			$	11			$	(511	)		$	312,294

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2023 were as follows:


						Gross				Gross
		Amortized				Unrealized				Unrealized				Estimated
(In thousands)		Cost				Gains				Losses				Fair Value
Included in cash and cash equivalents:
Money market funds		$	16,815			$	—			$	—			$	16,815
		$	16,815			$	—			$	—			$	16,815

Restricted cash:
Money market fund		$	843			$	—			$	—			$	843
Certificate of deposit			272				—				—				272
		$	1,115			$	—			$	—			$	1,115

Marketable securities:
U.S. Treasury securities (due in less than one year)		$	26,752			$	95			$	—			$	26,847
U.S. Treasury securities (due in one to two years)			2,877				17				—				2,894
Government-sponsored enterprise securities (due in less than one year)			86,250				43				(92	)			86,201
Government-sponsored enterprise securities (due in one to two years)			13,598				72				—				13,670
Commercial paper (due in less than one year)			102,270				31				(33	)			102,268
Corporate notes (due in less than one year)			48,409				14				(63	)			48,360
Corporate notes (due in one to two years)			26,628				130				(24	)			26,734
		$	306,784			$	402			$	(212	)		$	306,974

Schedule of cash equivalents and marketable securities with unrealized losses

Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at June 30, 2024 and December 31, 2023 were as follows:


		Less Than 12 Months								12 Months or Longer								Total
						Gross								Gross								Gross
		Estimated				Unrealized				Estimated				Unrealized				Estimated				Unrealized
(In thousands)		Fair Value				Losses				Fair Value				Losses				Fair Value				Losses
As of June 30, 2024:
US Treasury Securities (due in less than one year)		$	39,855			$	(30	)		$	—			$	—			$	39,855			$	(30	)
Government-sponsored enterprise securities (due in less than one year)			30,562				(19	)			13,928				(25	)			44,490				(44	)
Government-sponsored enterprise securities (due in one to two years)			4,991				(9	)			—				—				4,991				(9	)
Commercial paper (due in less than one year)			110,209				(192	)			—				—				110,209				(192	)
Corporate notes (due in less than one year)			40,815				(76	)			10,420				(39	)			51,235				(115	)
Corporate notes (due in one to two years)			61,514				(121	)			—				—				61,514				(121	)
		$	287,946			$	(447	)		$	24,348			$	(64	)		$	312,294			$	(511	)

As of December 31, 2023:
Government-sponsored enterprise securities (due in less than one year)		$	69,377			$	(92	)		$	—			$	—			$	69,377				(92	)
Commercial paper (due in less than one year)			58,622				(33	)			—				—				58,622				(33	)
Corporate notes (due in less than one year)			34,567				(63	)			—				—				34,567				(63	)
Corporate notes (due in one to two years)			3,952				(23	)			—				—				3,952				(23	)
		$	166,518			$	(211	)		$	—			$	—			$	166,518			$	(211	)

Schedule of financial instruments measured at fair value on recurring basis

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 and indicates the fair value category assigned.


		Fair Value Measurements at Reporting Date Using
		Quoted Prices in								Significant
		Active Markets for				Significant Other				Unobservable
		Identical Assets				Observable Inputs				Inputs
(In thousands)		Level 1				Level 2				Level 3				Total
As of June 30, 2024:
Money market funds(1)(2)		$	75,651			$	—			$	—			$	75,651
Certificate of deposit(2)			273				—				—				273
U.S. Treasury securities(3)			—				39,855				—				39,855
Government-sponsored enterprise securities(3)(4)			—				49,481				—				49,481
Commercial paper(3)			—				110,209				—				110,209
Corporate notes(3)(4)			—				112,748				—				112,748
Total		$	75,924			$	312,293			$	—			$	388,217
As of December 31, 2023:
Money market funds(1)(2)		$	17,658			$	—			$	—			$	17,658
Certificate of deposit(2)			272				—				—				272
U.S. Treasury securities(3)(4)			—				29,742				—				29,742
Government-sponsored enterprise securities(3)(4)			—				99,872				—				99,872
Commercial paper(3)			—				102,268				—				102,268
Corporate notes(3)(4)			—				75,092				—				75,092
Total		$	17,930			$	306,974			$	—			$	324,904

(1)

Included in cash and cash equivalents on our condensed consolidated balance sheets.

(2)

Included in restricted cash on our condensed consolidated balance sheets.

(3)

Included in current portion of marketable securities on our condensed consolidated balance sheets.

(4)

Included in noncurrent portion of marketable securities on our condensed consolidated balance sheets.