FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Cash Equivalents, Restricted Cash and Marketable Securities by Security Type |
Cash equivalents, restricted cash and marketable securities by security type at June 30, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | Included in cash and cash equivalents: | | | | | | | | | | Money market funds | | $ | 36,295 | | | $ | — | | | $ | — | | | $ | 36,295 | | | Commercial paper | | 2,487 | | | — | | | (1) | | | 2,486 | | | | $ | 38,782 | | | $ | — | | | $ | (1) | | | $ | 38,781 | | | | | | | | | | | | Restricted cash: | | | | | | | | | | Money market fund | | $ | 1,597 | | | $ | — | | | $ | — | | | $ | 1,597 | | | Certificate of deposit | | 273 | | | — | | | — | | | 273 | | | | $ | 1,870 | | | $ | — | | | $ | — | | | $ | 1,870 | | | | | | | | | | | | Marketable securities: | | | | | | | | | | U.S. Treasury securities (due in less than one year) | | $ | 22,763 | | | $ | 22 | | | $ | — | | | $ | 22,785 | | | U.S. Treasury securities (due in 1 to 2 years) | | — | | | — | | | — | | | — | | | Government-sponsored enterprise securities (due in less than one year) | | 4,000 | | | — | | | — | | | 4,000 | | | Commercial paper (due in less than one year) | | 121,546 | | | 4 | | | (40) | | | 121,510 | | | Corporate notes (due in less than one year) | | 161,837 | | | 133 | | | (17) | | | 161,953 | | | Corporate notes (due in one to two years) | | 42,701 | | | 49 | | | (8) | | | 42,742 | | | | $ | 352,847 | | | $ | 208 | | | $ | (65) | | | $ | 352,990 | |
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 | | 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 | |
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| 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 June 30, 2025 and December 31, 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or Longer | | Total | | (In thousands) | | Fair Value | | Gross
Unrealized
Losses | | Fair Value | | Gross
Unrealized
Losses | |
Fair Value | | Gross
Unrealized
Losses | | As of June 30, 2025: | | | | | | | | | | | | | | Government-sponsored enterprise securities (due in less than one year) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Commercial paper (due in less than one year) | | 91,123 | | | (40) | | | — | | | — | | | 91,123 | | | (40) | | | Corporate notes (due in less than one year) | | 40,698 | | | (18) | | | — | | | — | | | 40,698 | | | (18) | | | Corporate notes (due in one to two years) | | 8,462 | | | (8) | | | — | | | — | | | 8,462 | | | (8) | | | | $ | 140,283 | | | $ | (66) | | | $ | — | | | $ | — | | | $ | 140,283 | | | $ | (66) | | | | | | | | | | | | | | | | 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) | |
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| 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 June 30, 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 June 30, 2025: | | | | | | | | | Money market funds(1)(2) | | $ | 37,892 | | | $ | — | | | $ | — | | | $ | 37,892 | | Certificate of deposit(2) | | 273 | | | — | | | — | | | 273 | | U.S. Treasury securities(3) | | — | | | 22,785 | | | — | | | 22,785 | | Government-sponsored enterprise securities(3) | | — | | | 4,001 | | | — | | | 4,001 | | Commercial paper(3) | | — | | | 123,995 | | | — | | | 123,995 | | Corporate notes(3)(4) | | — | | | 204,695 | | | — | | | 204,695 | | | Total | | $ | 38,165 | | | $ | 355,476 | | | $ | — | | | $ | 393,641 | | | 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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