CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

5. 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 March 31, 2024		As of December 31, 2023
	(in thousands)
Money market funds	$	277,870	$	63,919
Commercial paper		—		53,680
Total	$	277,870	$	117,599

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 March 31, 2024 and December 31, 2023 was approximately six and five months, respectively.

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

	As of March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	427,290	$	—	$	—		$	427,290
Commercial paper		43,354		—		—			43,354
Government and government agency bonds		781,698		59		(760	)		780,997
Corporate bonds		118,121		57		(20	)		118,158
Certificates of deposit		54,863		—		—			54,863
Total cash, cash equivalents and investments	$	1,425,326	$	116	$	(780	)	$	1,424,662
As reported:
Cash and cash equivalents	$	427,290	$	—	$	—		$	427,290
Short-term investments		963,987		116		(650	)		963,453
Other non-current assets		34,049		—		(130	)		33,919
Total cash, cash equivalents and investments	$	1,425,326	$	116	$	(780	)	$	1,424,662

	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	374,750	$	—	$	—		$	374,750
Commercial paper		113,362		—		—			113,362
Government and government agency bonds		1,000,302		1,006		(171	)		1,001,137
Corporate bonds		130,270		118		(8	)		130,380
Certificates of deposit		56,621		—		—			56,621
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250
As reported:
Cash and cash equivalents	$	428,430	$	—	$	—		$	428,430
Short-term investments		1,246,875		1,124		(179	)		1,247,820
Total cash, cash equivalents and investments	$	1,675,305	$	1,124	$	(179	)	$	1,676,250