Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

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:
Cash	Level 1	$	60,531	$	—	$	—	$	60,531
Money market funds	Level 1	73,566		—		—		73,566
U.S. Treasury securities	Level 1	8,983		2		—		8,985
Commercial paper	Level 2	244,833		1		(38)		244,796
Total cash and cash equivalents		387,913		3		(38)		387,878
Investments:
U.S. Treasury securities	Level 1	1,463,329		1,533		(5,305)		1,459,557
Commercial paper	Level 2	182,308		48		(18)		182,338
Corporate debt	Level 2	691,972		888		(1,331)		691,529
Asset backed securities	Level 2	195,801		309		(72)		196,038
U.S. government agency securities	Level 2	217,617		243		(482)		217,378
Total investments		2,751,027		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:
Cash	Level 1	$	50,003	$	—	$	—	$	50,003
Money market funds	Level 1	47,357		—		—		47,357
Commercial paper	Level 2	300,256		—		(165)		300,091
Total cash and cash equivalents		397,616		—		(165)		397,451
Investments:
U.S. Treasury securities	Level 1	481,704		422		(44)		482,082
Commercial paper	Level 2	102,435		7		(35)		102,407
Corporate debt	Level 2	133,523		168		(42)		133,649
Asset backed securities	Level 2	23,963		18		—		23,981
U.S. government agency securities	Level 2	103,484		—		(152)		103,332
Total investments		845,109		615		(273)		845,451
Total assets measured at fair value		$	1,242,725	$	615	$	(438)	$	1,242,902

Schedule of Contractual Maturities of Investments

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 years	1,387,510
Total	$	2,746,840