INVESTMENTS

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable securities

Marketable securities consisted of the following as of December 31, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	126,916	$	142	$	(13)	$	127,045
Commercial paper	18,414		19		—		18,433
Corporate notes and obligations	237,965		339		(67)		238,237
Total marketable securities	$	383,295	$	500	$	(80)	$	383,715

Marketable securities consisted of the following as of December 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	128,479	124		$	(27)	$	128,576
Commercial paper	47,415		1		(35)		47,381
Corporate notes and obligations	139,747		61		(128)		139,680
Time deposits	4,525		—		(1)		4,524
Total marketable securities	$	320,166	$	186	$	(191)	$	320,161

The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):


	December 31,
	2024		2023
Due within 1 year	$	337,673	$	320,161
Due in 1 to 2 years	46,042		—
Total marketable securities	$	383,715	$	320,161

During the year ended December 31, 2024, there were maturities of marketable securities of $440.5 million. There were no sales of marketable securities during the year ended December 31, 2024. During the year ended December 31, 2023, there were maturities of marketable securities of $372.2 million. There were $5.5 million sales of marketable securities during the year ended December 31, 2023. Realized losses on sales of marketable securities are recorded in other expense, net on the accompanying consolidated statements of operations and comprehensive loss. Such losses were immaterial during the years ended December 31, 2024 and 2023. There were no impairments of marketable securities in any period presented.

Strategic investments

Strategic investment activity during the year ended December 31, 2024 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Available-for-Sale Debt Securities		Total
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527
Interest accrued	—		—		6		6
Purchases of strategic investments	498		1,869		—		2,367
Conversion of available-for-sale debt securities into equity securities	368		—		(368)		—
Unrealized gains (losses)	824		(186)		—		638
Impairment losses	(184)		—		—		(184)
Balance as of December 31, 2024	$	8,685	$	5,669	$	—	$	14,354

Strategic investment activity during the year ended December 31, 2023 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Available-for-Sale Debt Securities		Total
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043
Interest accrued	—		—		7		7
Purchases of strategic investments	—		764		—		764
Unrealized gains (losses)	68		(180)		—		(112)
Impairment losses	(175)		—		—		(175)
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527

Strategic investments are recorded in other assets in the accompanying consolidated balance sheets. As of December 31, 2024, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $6.7 million at the option of the investees.