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Cash Equivalents and Marketable Securities
 9 Months Ended
Sep. 30, 2025
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):
September 30, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$63,176 $— $— $63,176 
Total cash equivalents$63,176 $— $— $63,176 
Marketable securities:
Commercial paper$61,068 $17 $— $61,085 
Corporate bonds63,556 76 (5)63,627 
U.S. government treasury securities231,032 672 (29)231,675 
U.S. government agency securities64,854 64 (4)64,914 
Total marketable securities$420,510 $829 $(38)$421,301 

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 
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 
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 September 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:
September 30, 2025
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Corporate bonds$9,314 $(5)$— $— $9,314 $(5)
U.S. government treasury securities20,153 (21)8,002 (8)28,155 (29)
U.S. government agency securities10,002 (4)— — 10,002 (4)
Total marketable securities$39,469 $(30)$8,002 $(8)$47,471 $(38)
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)
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 it will be required to sell the securities before recovery of the unamortized cost basis. As of September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024.
The financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash deposits. Accounts at each of the Company's two U.S. banking institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. As of September 30, 2025 and December 31, 2024, cash deposits at the Company's U.S. banking institutions exceeded the FDIC limits.
There were no realized gains or losses on marketable securities for both the three and nine months ended September 30, 2025 and 2024. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities as of September 30, 2025 and December 31, 2024, was $3.6 million and $3.4 million, respectively, and is reflected in Prepaid expenses and other current assets.
The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
September 30,
2025		December 31,
2024
Due in one year or less$276,689 $338,442 
Due in 1 - 2 years144,612 175,223 
Total marketable securities$421,301 $513,665 
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.