| 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
June 30, 2025 |
|
|
As of
December 31, 2024 |
|
|
|
(in thousands) |
|
Money market funds |
|
$ |
153,270 |
|
|
$ |
455,535 |
|
Total |
|
$ |
153,270 |
|
|
$ |
455,535 |
|
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 June 30, 2025 and December 31, 2024 was approximately six and eleven months, respectively. All of the Company's non-current investments as of June 30, 2025 and December 31, 2024 had maturities between one and two years. The following tables summarize the Company’s cash, cash equivalents, short-term investments and non-current investments for each of the periods indicated:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2025 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Market
Value |
|
|
|
(in thousands) |
|
Cash and money market funds |
|
$ |
510,598 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
510,598 |
|
Commercial paper |
|
|
3,534 |
|
|
|
— |
|
|
|
— |
|
|
|
3,534 |
|
Government and government agency bonds |
|
|
255,122 |
|
|
|
64 |
|
|
|
(121 |
) |
|
|
255,065 |
|
Corporate bonds |
|
|
55,203 |
|
|
|
25 |
|
|
|
(20 |
) |
|
|
55,208 |
|
Certificates of deposit |
|
|
10,338 |
|
|
|
— |
|
|
|
— |
|
|
|
10,338 |
|
Total cash, cash equivalents and investments |
|
$ |
834,795 |
|
|
$ |
89 |
|
|
$ |
(141 |
) |
|
$ |
834,743 |
|
As reported: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
510,598 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
510,598 |
|
Short-term investments |
|
|
289,571 |
|
|
|
79 |
|
|
|
(109 |
) |
|
|
289,541 |
|
Non-current investments |
|
|
34,626 |
|
|
|
10 |
|
|
|
(32 |
) |
|
|
34,604 |
|
Total cash, cash equivalents and investments |
|
$ |
834,795 |
|
|
$ |
89 |
|
|
$ |
(141 |
) |
|
$ |
834,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Market
Value |
|
|
|
(in thousands) |
|
Cash and money market funds |
|
$ |
1,103,010 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,103,010 |
|
Government and government agency bonds |
|
|
280,001 |
|
|
|
227 |
|
|
|
(329 |
) |
|
|
279,899 |
|
Corporate bonds |
|
|
93,816 |
|
|
|
67 |
|
|
|
(156 |
) |
|
|
93,727 |
|
Certificates of deposit |
|
|
11,319 |
|
|
|
— |
|
|
|
— |
|
|
|
11,319 |
|
Total cash, cash equivalents and investments |
|
$ |
1,488,146 |
|
|
$ |
294 |
|
|
$ |
(485 |
) |
|
$ |
1,487,955 |
|
As reported: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,103,010 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,103,010 |
|
Short-term investments |
|
|
251,598 |
|
|
|
286 |
|
|
|
(102 |
) |
|
|
251,782 |
|
Non-current investments |
|
|
133,538 |
|
|
|
8 |
|
|
|
(383 |
) |
|
|
133,163 |
|
Total cash, cash equivalents and investments |
|
$ |
1,488,146 |
|
|
$ |
294 |
|
|
$ |
(485 |
) |
|
$ |
1,487,955 |
|
|