| INVESTMENTS AND FAIR VALUE MEASUREMENTS |
INVESTMENTS AND FAIR VALUE MEASUREMENTS Investments The Company’s investments consisted of the following as of March 31, 2025 and December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | March 31, 2025 | | | | | | | | | | Money market funds | | $ | 105,051 | | | $ | — | | | $ | — | | | $ | 105,051 | | | U.S. treasury securities | | 231,546 | | | 210 | | | (176) | | | 231,580 | | | U.S. corporate paper and bonds | | 291,249 | | | 313 | | | (102) | | | 291,460 | | | International corporate bond holdings | | — | | | — | | | — | | | — | | | Total | | $ | 627,846 | | | $ | 523 | | | $ | (278) | | | $ | 628,091 | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | Money market funds | | $ | 96,058 | | | $ | — | | | $ | — | | | $ | 96,058 | | | U.S. treasury securities | | 286,039 | | | 196 | | | (320) | | | 285,915 | | | U.S. corporate paper and bonds | | 326,966 | | | 361 | | | (247) | | | 327,080 | | | International corporate bond holdings | | 4,995 | | | — | | | — | | | 4,995 | | | Total | | $ | 714,058 | | | $ | 557 | | | $ | (567) | | | $ | 714,048 | | | | | | | | | | |
The money market funds above are included in cash and cash equivalents on the Company’s condensed consolidated balance sheets. As of March 31, 2025, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company did not have any realized gains or losses in its available for sale securities during the three months ended March 31, 2025 and 2024. The Company did not have any sales of short-term investments during the three months ended March 31, 2025 and 2024. The contractual maturity dates of the Company’s investments are all less than 24 months. Fair Value Measurements The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Quoted Prices in Active Markets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | Total | | March 31, 2025 | | | | | | | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 105,051 | | | $ | — | | | $ | — | | | $ | 105,051 | | | | | | | | | | | | U.S. corporate paper and bonds | | — | | | 2,622 | | | — | | | 2,622 | | | Short-term investments: | | | | | | | | | | U.S. treasury securities | | 19,888 | | | 211,692 | | | — | | | 231,580 | | | U.S. corporate paper and bonds | | — | | | 288,838 | | | — | | | 288,838 | | | International corporate bond holdings | | — | | | — | | | — | | | — | | | Total cash equivalents and short-term investments | | $ | 124,939 | | | $ | 503,152 | | | $ | — | | | $ | 628,091 | | | | | | | | | | | | December 31, 2024 | | | | | | | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 96,058 | | | $ | — | | | $ | — | | | $ | 96,058 | | | | | | | | | | | | Short-term investments: | | | | | | | | | | U.S. treasury securities | | 21,692 | | | 264,223 | | | — | | | 285,915 | | | U.S. corporate paper and bonds | | — | | | 327,080 | | | — | | | 327,080 | | | International corporate bond holdings | | — | | | 4,995 | | | — | | | 4,995 | | | Total cash equivalents and short-term investments | | $ | 117,750 | | | $ | 596,298 | | | $ | — | | | $ | 714,048 | |
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