Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Gross Unrealized Gains and Losses and credit losses

The following tables summarize the fair value and amortized cost of the Company’s available-for-sale securities by major security type, including gross unrealized gains and losses and credit losses, as of December 31, 2024 and 2023:

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
	(in thousands)
Assets:
U.S. government securities	$	36,444	$	18	$	(5	)	$	—	$	36,457
U.S. corporate bonds		268,841		305		(133	)		—		269,013
International corporate bonds		52,411		65		(15	)		—		52,461
U.S. commercial paper		30,373		—		—			—		30,373
International commercial paper		24,144		—		—			—		24,144
U.S. certificates of deposit		900		—		—			—		900
U.S. municipal securities		10,040		9		—			—		10,049
	$	423,153	$	397	$	(153	)	$	—	$	423,397

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
	(in thousands)
Assets:
U.S. government securities	$	167,165	$	107	$	(347	)	$	—	$	166,925
U.S. corporate bonds		210,491		191		(484	)		—		210,198
International corporate bonds		97,698		99		(122	)		—		97,675
U.S. commercial paper		23,360		11		(1	)		—		23,370
International commercial paper		46,935		3		(38	)		—		46,900
U.S. certificates of deposit		8,830		—		—			—		8,830
U.S. municipal securities		128,527		26		(259	)		—		128,294
	$	683,006	$	437	$	(1,251	)	$	—	$	682,192

Summary of Fair Value And Unrealized Losses of Marketable Securities In Loss Position

The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of December 31, 2024 and 2023:

	December 31, 2024
	Less than 12 months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. government securities	$	11,032	$	(5	)	$	—	$	—		$	11,032	$	(5	)
U.S. corporate bonds		83,946		(129	)		10,197		(4	)		94,143		(133	)
International corporate bonds		7,312		(15	)		—		—			7,312		(15	)
	$	102,290	$	(149	)	$	10,197	$	(4	)	$	112,487	$	(153	)

	December 31, 2023
	Less than 12 months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. government securities	$	52,521	$	(96	)	$	41,911	$	(251	)	$	94,432	$	(347	)
U.S. corporate bonds		111,901		(246	)		43,851		(238	)		155,752		(484	)
International corporate bonds		43,708		(87	)		6,014		(35	)		49,722		(122	)
U.S. commercial paper		7,848		(1	)		—		—			7,848		(1	)
International commercial paper		37,300		(38	)		—		—			37,300		(38	)
U.S. municipal securities		90,095		(143	)		31,345		(116	)		121,440		(259	)
	$	343,373	$	(611	)	$	123,121	$	(640	)	$	466,494	$	(1,251	)