Marketable Securities

3 Months Ended

Mar. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

3. Marketable Securities


								As of March 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	58,648	$	58	$	—		$	58,706
US Government agency securities		11,922		5		(6	)		11,921
Asset-backed securities		60,449		20		(11	)		60,458
Commercial paper		7,954		—		(1	)		7,953
Corporate bonds		166,951		73		(20	)		167,004
Total	$	305,924	$	156	$	(38	)	$	306,042


								As of December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	108,967	$	69	$	—		$	109,036
US Government agency securities		25,083		19		(8	)		25,094
Asset-backed securities		60,002		77		(8	)		60,071
Commercial paper		21,850		7		—			21,857
Corporate bonds		173,890		125		(48	)		173,967
Total	$	389,792	$	297	$	(64	)	$	390,025

As of March 31, 2025 and December 31, 2024, the Company held 22 and 21 securities that were in an unrealized loss position of $38 and $64, respectively. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable debt securities for the three months ended March 31, 2025.

As of March 31, 2025 and December 31, 2024, none of the securities had remaining maturities longer than one year.

The Company received proceeds of $208,246 and $223,998 from sales and maturities of marketable securities during the three months ended March 31, 2025 and 2024.