XML 31 R23.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 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		$	31,854			$	—			$	—			$	31,854
Commercial paper			4,970				2				—			$	4,972
		$	36,824			$	2			$	—			$	36,826

Restricted cash:
Money market fund		$	1,581			$	—			$	—			$	1,581
Certificate of deposit			273				—				—				273
		$	1,854			$	—			$	—			$	1,854

Marketable securities:
U.S. Treasury securities (due in less than one year)		$	35,481			$	56			$	—			$	35,537
Government-sponsored enterprise securities (due in less than one year)			19,680				27				—				19,707
Government-sponsored enterprise securities (due in one to two years)			5,000				—				—				5,000
Commercial paper (due in less than one year)			135,717				327				(1	)			136,043
Corporate notes (due in less than one year)			87,816				327				(2	)			88,141
Corporate notes (due in one to two years)			32,042				273				(1	)			32,314
		$	315,736			$	1,010			$	(4	)		$	316,742

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 September 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 September 30, 2024:
Commercial paper (due in less than one year)		$	10,929			$	—			$	—			$	—			$	10,929			$	—
Corporate notes (due in less than one year)			—				—				1,986				(2	)			1,986				(2	)
Corporate notes (due in one to two years)			1,913				(2	)			—				—				1,913				(2	)
		$	12,842			$	(2	)		$	1,986			$	(2	)		$	14,828			$	(4	)

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 September 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 September 30, 2024:
Money market funds(1)(2)		$	33,435			$	—			$	—			$	33,435
Certificate of deposit(2)			273				—				—				273
U.S. Treasury securities(3)			—				35,536				—				35,536
Government-sponsored enterprise securities(3)(4)			—				24,707				—				24,707
Commercial paper(3)			—				141,015				—				141,015
Corporate notes(3)(4)			—				120,454				—				120,454
Total		$	33,708			$	321,712			$	—			$	355,420
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.