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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following tables present information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
(In thousands)As of June 30, 2024Quoted Prices in Active Markets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial assets
Cash equivalents:
Money market funds$158,467 $158,467 $— $— 
U.S. treasury securities36,315 — 36,315 — 
Commercial paper6,300 — 6,300 — 
Marketable debt securities:
U.S. treasury securities882,671 — 882,671 — 
U.S. government-sponsored enterprise securities383,501 — 383,501 — 
Corporate notes305,003 — 305,003 — 
Commercial paper70,079 — 70,079 — 
Municipal securities5,014 — 5,014 — 
Marketable equity securities9,889 9,889 — — 
Restricted cash (money market funds)1,217 1,217 — — 
Total financial assets$1,858,456 $169,573 $1,688,883 $— 
Financial liabilities
Development derivative liability$390,939 $— $— $390,939 

(In thousands)As of December 31, 2023Quoted Prices in Active Markets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial assets
Cash equivalents:
Money market funds$166,059 $166,059 $— $— 
U.S. treasury securities30,712 — 30,712 — 
Commercial paper2,685 — 2,685 — 
Corporate notes762 — 762 — 
Marketable debt securities:
U.S. treasury securities862,022 — 862,022 — 
U.S. government-sponsored enterprise securities441,341 — 441,341 — 
Corporate notes252,350 — 252,350 — 
Commercial paper56,216 — 56,216 — 
Certificates of deposit3,587 — 3,587 — 
Marketable equity securities11,178 11,178 — — 
Restricted cash (money market funds)1,210 1,210 — — 
Total financial assets$1,828,122 $178,447 $1,649,675 $— 
Financial liabilities
Development derivative liability$324,941 $— $— $324,941 
For the six months ended June 30, 2024 and 2023, there were no transfers into or out of Level 3 financial assets or liabilities. The carrying amounts reflected on our condensed consolidated balance sheets for cash, accounts receivable, net, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term maturities.