CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of September 30, 2023		As of December 31, 2022
	(in thousands)
Money market funds	$	139,682	$	467,553
Corporate bonds		10,526		3,157
Government and government agency bonds		66,535		128,451
Commercial paper		—		33,190
Total	$	216,743	$	632,351

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of both September 30, 2023 and December 31, 2022 was approximately four months.

The following tables summarize the Company’s cash, cash equivalents and short-term investments for each of the periods indicated:

	As of September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	464,871	$	—	$	—		$	464,871
Commercial paper		88,450		—		—			88,450
Government and government agency bonds		989,797		41		(581	)		989,257
Corporate bonds		145,969		16		(87	)		145,898
Certificates of deposit		45,066		—		—			45,066
Total cash, cash equivalents and investments	$	1,734,153	$	57	$	(668	)	$	1,733,542
As reported:
Cash and cash equivalents	$	541,926	$	8	$	(2	)	$	541,932
Short-term investments		1,192,227		49		(666	)		1,191,610
Total cash, cash equivalents and investments	$	1,734,153	$	57	$	(668	)	$	1,733,542

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	801,979	$	—	$	—		$	801,979
Commercial paper		211,369		—		—			211,369
Government and government agency bonds		808,904		178		(1,542	)		807,540
Corporate bonds		126,014		9		(282	)		125,741
Certificates of deposit		42,745		—		—			42,745
Total cash, cash equivalents and investments	$	1,991,011	$	187	$	(1,824	)	$	1,989,374
As reported:
Cash and cash equivalents	$	966,768	$	9	$	—		$	966,777
Short-term investments		1,024,243		178		(1,824	)		1,022,597
Total cash, cash equivalents and investments	$	1,991,011	$	187	$	(1,824	)	$	1,989,374