INVESTMENTS

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable securities

Marketable securities consisted of the following as of March 31, 2025 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	94,417	$	151	$	(6)	$	94,562
Commercial paper	4,595		—		(3)		4,592
Corporate notes and obligations	285,572		408		(51)		285,929
Total marketable securities	$	384,584	$	559	$	(60)	$	385,083

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

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


	March 31, 2025		December 31, 2024
Due within 1 year	$	252,956	$	337,673
Due in 1 to 2 years	132,127		46,042
Total marketable securities	$	385,083	$	383,715

During the three months ended March 31, 2025 and 2024, there were maturities of marketable securities of $135.8 million and $107.3 million, respectively. There were no sales of marketable securities during the three months ended March 31, 2025 and 2024. Realized losses on sales of marketable securities are recorded in other expense, net on the condensed consolidated statements of operations and comprehensive loss. Such losses were immaterial during the three months ended March 31, 2025 and 2024. There were no impairments of marketable securities during the three months ended March 31, 2025 or 2024.

Strategic investments

Strategic investment activity during the three months ended March 31, 2025 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Total
Balance as of December 31, 2024	$	8,685	$	5,669	$	14,354
Purchases of strategic investments	—		550		550
Unrealized gain on strategic investments	—		228		228
Impairment losses	(452)		—		(452)
Balance as of March 31, 2025	$	8,233	$	6,447	$	14,680

Strategic investment activity during the three months ended March 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 on available-for-sale debt securities	—		—		2		2
Purchases of strategic investments	—		210		—		210
Unrealized (loss) gain on strategic investments	671		88		—		759
Balance as of March 31, 2024	$	7,850	$	4,284	$	364	$	12,498

Strategic investments are recorded in other assets on the accompanying condensed consolidated balance sheets. The Company's available-for-sale debt security converted to equity during the fourth quarter of 2024. As such the Company no longer holds any available-for-sale debt securities in its strategic investment portfolio as of March 31, 2025.

As of March 31, 2025, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $6.2 million at the option of the investees.