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INVESTMENTS AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
INVESTMENTS AND FAIR VALUE MEASUREMENTS INVESTMENTS AND FAIR VALUE MEASUREMENTS
Investments
The Company’s investments consisted of the following as of June 30, 2025 and December 31, 2024:
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2025
Money market funds$106,725 $— $— $106,725 
U.S. treasury securities214,503 110 (149)214,464 
U.S. corporate paper and bonds231,460 166 (57)231,569 
Total$552,688 $276 $(206)$552,758 
December 31, 2024
Money market funds$96,058 $— $— $96,058 
U.S. treasury securities286,039 196 (320)285,915 
U.S. corporate paper and bonds326,966 361 (247)327,080 
International corporate bond holdings4,995 — — 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 June 30, 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 and six months ended June 30, 2025 and 2024. The Company did not have any sales of short-term investments during the three and six months ended June 30, 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
June 30, 2025
Cash equivalents:
Money market funds$106,725 $— $— $106,725 
Short-term investments:
U.S. treasury securities4,945 209,519 — 214,464 
U.S. corporate paper and bonds— 231,569 — 231,569 
Total cash equivalents and short-term investments$111,670 $441,088 $— $552,758 
December 31, 2024
Cash equivalents:
Money market funds$96,058 $— $— $96,058 
Short-term investments:
U.S. treasury securities21,692 264,223 — 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