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Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):
December 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$65,902 $— $— $65,902 
Commercial paper21,832 6 — 21,838 
U.S. government treasury securities— — — — 
Total cash equivalents$87,734 $6 $— $87,740 
Marketable securities:
Commercial paper$143,265 $104 $(77)$143,292 
Corporate bonds56,471 25 (48)56,448 
U.S. government treasury securities227,155 385 (296)227,244 
U.S. government agency securities86,616 137 (72)86,681 
Total marketable securities$513,507 $651 $(493)$513,665 
December 31, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$150,648 $— $— $150,648 
Commercial paper24,950 5 — 24,955 
U.S. government treasury securities10,965 1 — 10,966 
Total cash equivalents$186,563 $6 $— $186,569 
Marketable securities:
Commercial paper$79,124 $62 $— $79,186 
Corporate bonds32,984 81 (1)33,064 
U.S. government treasury securities21,846 31 — 21,877 
U.S. government agency securities16,147 110 — 16,257 
Total marketable securities$150,101 $284 $(1)$150,384 
The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2024 and 2023, aggregated by major security type and length of time in a continuous unrealized loss position:
December 31, 2024
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Commercial paper$67,200 $(77)$— $— $67,200 $(77)
Corporate bonds42,916 (48)— — 42,916 (48)
U.S. government treasury securities126,588 (296)— — 126,588 (296)
U.S. government agency securities12,560 (72)— — 12,560 (72)
Total marketable securities$249,264 $(493)$— $— $249,264 $(493)
December 31, 2023
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Corporate bonds$9,907 $(1)$— $— $9,907 $(1)
U.S. government treasury securities4,831 — — — 4,831 — 
Total marketable securities$14,738 $(1)$— $— $14,738 $(1)
The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of December 31, 2024 and 2023, an allowance for credit losses had not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of December 31, 2024 and 2023.
There were $0.1 million net unrealized losses on marketable securities for the year ended December 31, 2024. For the years ended December 31, 2023 and 2022, there were $0.3 million and de minimis, respectively, net unrealized gains. There were no realized gains on marketable securities for the years ended December 31, 2024, 2023 and 2022.
Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities totaled $3.4 million and $0.9 million as of December 31, 2024 and 2023, respectively, and is excluded from the estimate of credit losses.
The following table summarizes the contractual maturities of the Company's marketable securities at estimated fair value (in thousands):
December 31,
20242023
Due in one year or less$338,442 $115,784 
Due in 1 - 2 years175,223 34,600 
Total marketable securities$513,665 $150,384 
The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months, as current assets.