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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 were as follows:

(In thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Included in cash and cash equivalents:
Money market funds						$	51,525					$	—					$	—					$	51,525
Commercial paper						3,980						—						(1)						3,979
						$	55,505					$	—					$	(1)					$	55,504
Restricted cash:
Money market fund						$	1,592					$	—					$	—					$	1,592
Certificate of deposit						273						—						—						273
						$	1,865					$	—					$	—					$	1,865
Marketable securities:
U.S. Treasury securities (due in less than one year)						$	8,991					$	15					$	—					$	9,006
U.S. Treasury securities (due in 1 to 2 years)						18,678						32						—						18,710
Government-sponsored enterprise securities (due in less than one year)						4,000						—						(4)						3,996
Commercial paper (due in less than one year)						127,931						57						(11)						127,977
Corporate notes (due in less than one year)						171,965						209						(21)						172,153
Corporate notes (due in one to two years)						40,030						60						(5)						40,085
						$	371,595					$	373					$	(41)					$	371,927

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2024 were as follows:

(In thousands)						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Included in cash and cash equivalents:
Money market funds						$	45,215					$	—					$	—					$	45,215
Commercial paper						4,978						—						(1)						4,977
						$	50,193					$	—					$	(1)					$	50,192
Restricted cash:
Money market fund						$	1,587					$	—					$	—					$	1,587
Certificate of deposit						273						—						—						273
						$	1,860					$	—					$	—					$	1,860
Marketable securities:
U.S. Treasury securities (due in less than one year)						$	7,937					$	22					$	—					$	7,959
U.S. Treasury securities (due in one to two years)						22,620						1						(11)						22,610
Government-sponsored enterprise securities (due in less than one year)						8,741						7						—						8,748
Commercial paper (due in less than one year)						180,131						150						(56)						180,225
Corporate notes (due in less than one year)						130,361						284						(27)						130,618
Corporate notes (due in one to two years)						72,000						6						(97)						71,909
						$	421,790					$	470					$	(191)					$	422,069

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 March 31, 2025 and December 31, 2024 were as follows:

						Less Than 12 Months												12 Months or Longer												Total
(In thousands)						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
As of March 31, 2025:
Government-sponsored enterprise securities (due in less than one year)						$	3,996					$	(4)					$	—					$	—					$	3,996					$	(4)
Commercial paper (due in less than one year)						40,386						(10)						—						—						40,386						(10)
Corporate notes (due in less than one year)						40,062						(21)						1,998						(1)						42,060						(22)
Corporate notes (due in one to two years)						3,930						(5)						—						—						3,930						(5)
						$	88,374					$	(40)					$	1,998					$	(1)					$	90,372					$	(41)
As of December 31, 2024:
U.S. Treasury securities (due in less than one year)						$	18,593					$	(10)					$	—					$	—					$	18,593					$	(10)
Commercial paper (due in less than one year)						66,076						(56)						—						—						66,076						(56)
Corporate notes (due in less than one year)						31,549						(26)						1,993						(1)						33,542						(27)
Corporate notes (due in one to two years)						53,506						(98)						—						—						53,506						(98)
						$	169,724					$	(190)					$	1,993					$	(1)					$	171,717					$	(191)

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 March 31, 2025 and December 31, 2024 and indicates the fair value category assigned.

						Fair Value Measurements at Reporting Date Using
						Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
(In thousands)						Level 1						Level 2						Level 3						Total
As of March 31, 2025:
Money market funds(1)(2)						$	53,117					$	—					$	—					$	53,117
Certificate of deposit(2)						273												—						273
U.S. Treasury securities(3)(4)						—						27,716						—						27,716
Government-sponsored enterprise securities(3)						—						3,997						—						3,997
Commercial paper(3)						—						131,956						—						131,956
Corporate notes(3)(4)						—						212,238						—						212,238
Total						$	53,390					$	375,907					$	—					$	429,297
As of December 31, 2024:
Money market funds(1)(2)						$	46,802					$	—					$	—					$	46,802
Certificate of deposit(2)						273						—						—						273
U.S. Treasury securities(3)(4)						—						30,570						—						30,570
Government-sponsored enterprise securities(3)						—						8,748						—						8,748
Commercial paper(3)						—						185,201						—						185,201
Corporate notes(3)(4)						—						202,527						—						202,527
Total						$	47,075					$	427,046					$	—					$	474,121

_______________________________

(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.

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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