INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable securities

Marketable securities consisted of the following as of September 30, 2025 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	136,831	$	186	$	(10)	$	137,007
Commercial paper	7,573		1		—		7,574
Corporate notes and obligations	232,620		268		(23)		232,865
Total marketable securities	$	377,024	$	455	$	(33)	$	377,446

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):


	September 30, 2025		December 31, 2024
Due within 1 year	$	333,480	$	337,673
Due in 1 to 2 years	43,966		46,042
Total marketable securities	$	377,446	$	383,715

During the nine months ended September 30, 2025 and 2024, there were maturities of marketable securities of $287.0 million and $371.7 million, respectively. During the nine months ended September 30, 2025, there were $2.7 million sales of marketable securities. There were no sales of marketable securities during the nine months ended September 30, 2024. Realized gains and losses on sales of marketable securities are recorded in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. Such gains and losses were immaterial during the nine months ended September 30, 2025. There were no impairments of marketable securities during the nine months ended September 30, 2025 or 2024.

Strategic investments

Strategic investment activity during the nine months ended September 30, 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, net(1)	—		1,641		1,641
Unrealized gain on strategic investments	—		232		232
Impairment of strategic investments	(469)		—		(469)
Balance as of September 30, 2025	$	8,216	$	7,542	$	15,758

(1) Includes net contributions and distributions from limited partnership securities.

Strategic investment activity during the nine months ended September 30, 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	—		—		6		6
Purchases of strategic investments	498		1,419		—		1,917
Unrealized gain on strategic investments	671		(30)		—		641
Impairment of strategic investments	(184)		—		—		(184)
Balance as of September 30, 2024	$	8,164	$	5,375	$	368	$	13,907

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 September 30, 2025.

As of September 30, 2025, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $7.1 million at the option of the investees.