v3.25.1
CASH EQUIVALENTS AND INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 2025
CASH EQUIVALENTS AND INVESTMENTS  
Schedule of cost and fair value of cash equivalents and short-term investments

The amortized cost and fair value of cash equivalents and investments as of March 31, 2025 and December 31, 2024 were as follows (in thousands):

Gross

Gross

Amortized

Unrealized

Unrealized

As of March 31, 2025

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. treasury securities

$

204,951

$

7

$

$

204,958

Money market funds

107,250

107,250

Total investments

$

312,201

$

7

$

$

312,208

Gross

Gross

Amortized

Unrealized

Unrealized

As of December 31, 2024

    

Cost

    

Gains

    

Losses

    

Fair Value

U.S. treasury securities

$

207,970

$

117

$

$

208,087

Money market funds

61,432

61,432

Total investments

$

269,402

$

117

$

$

269,519

Schedule of available-for-sale debt securities

The fair value of cash equivalents and investments as of March 31, 2025 and December 31, 2024, are classified as follows in the Company’s condensed consolidated balance sheets (in thousands):

March 31, 

December 31, 

Classified as:

2025

    

2024

Cash equivalents

$

124,163

$

61,432

Short-term investments

188,045

208,087

Total investments

$

312,208

$

269,519

Schedule of fair value of the company's financial assets

As of March 31, 2025, and December 31, 2024, the fair value of the Company’s financial assets that are measured at fair value on a recurring basis, which consist of cash equivalents and short-term and long-term investments classified as available-for-sale securities, are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):

Assets at Fair Value as of March 31, 2025

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. treasury securities

$

204,958

$

$

$

204,958

Money market funds

107,250

107,250

Total investments

$

312,208

$

$

$

312,208

Assets at Fair Value as of December 31, 2024

    

Level 1

    

Level 2

    

Level 3

    

Total

U.S. treasury securities

$

208,087

$

$

$

208,087

Money market funds

61,432

61,432

Total

$

269,519

$

$

$

269,519