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Fair Value Measurements and Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments . Fair Value Measurements and Fair Value of Financial Instruments
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2024 and 2023:
December 31, 2024
Fair Value
Hierarchy Level		Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized Losses 		Fair
Value
Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$60,531 $— $— $60,531 
Money market fundsLevel 173,566 — — 73,566 
U.S. Treasury securities
Level 1
8,983 2 — 8,985 
Commercial paperLevel 2244,833 1 (38)244,796 
Total cash and cash equivalents387,913 3 (38)387,878 
Investments:
U.S. Treasury securitiesLevel 11,463,329 1,533 (5,305)1,459,557 
Commercial paperLevel 2182,308 48 (18)182,338 
Corporate debtLevel 2691,972 888 (1,331)691,529 
Asset backed securitiesLevel 2195,801 309 (72)196,038 
U.S. government agency securitiesLevel 2217,617 243 (482)217,378 
Total investments2,751,027 3,021 (7,208)2,746,840 
Total assets measured at fair value$3,138,940 $3,024 $(7,246)$3,134,718 
December 31, 2023
Fair Value
Hierarchy Level		Amortized
Cost		Gross
Unrealized Gains		Gross
Unrealized Losses 		Fair
Value
Assets(in thousands)
Cash and cash equivalents:     
CashLevel 1$50,003 $— $— $50,003 
Money market fundsLevel 147,357 — — 47,357 
Commercial paperLevel 2300,256 — (165)300,091 
Total cash and cash equivalents397,616 — (165)397,451 
Investments:
U.S. Treasury securitiesLevel 1481,704 422 (44)482,082 
Commercial paperLevel 2102,435 7 (35)102,407 
Corporate debtLevel 2133,523 168 (42)133,649 
Asset backed securitiesLevel 223,963 18 — 23,981 
U.S. government agency securitiesLevel 2103,484 — (152)103,332 
Total investments845,109 615 (273)845,451 
      
Total assets measured at fair value$1,242,725 $615 $(438)$1,242,902 
We had no Level 3 securities either as of December 31, 2024 or 2023.
There were no transfers within the hierarchies during the years ended December 31, 2024 and 2023.
As of December 31, 2024 and December 31, 2023, we had investments with a total fair market value of $1.5 billion and $654.7 million in an unrealized loss position, of which $10.5 million and $19.1 million, respectively, were in a continuous unrealized loss position for more than 12 months. The gross unrealized losses of securities that have been in a continuous
unrealized loss position both less than and greater than 12 months was $7.2 million as of December 31, 2024 and were not material as of December 31, 2023.
Unrealized losses related to our investments are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our investments during the years ended December 31, 2024 and 2023.
The following table presents the contractual maturities of our investments as of December 31, 2024 (in thousands):
December 31, 2024
Fair Value
Due in less than one year$1,359,330 
Due in one to five years1,387,510 
Total$2,746,840