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

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024:


		March 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets		(in thousands)
Cash and cash equivalents:
Cash	Level 1	$	65,380	$	—	$	—	$	65,380
Money market funds	Level 1	117,218		—		—		117,218
Commercial paper	Level 2	164,287		—		(35)		164,252
Total cash and cash equivalents		346,885		—		(35)		346,850
Investments:
U.S. Treasury securities	Level 1	1,269,088		1,863		(2,186)		1,268,765
Commercial paper	Level 2	112,126		—		(29)		112,097
Corporate debt	Level 2	824,006		1,308		(617)		824,697
Asset-backed securities	Level 2	191,604		138		(88)		191,654
U.S. government agency securities	Level 2	206,641		276		(218)		206,699
Total investments		2,603,465		3,585		(3,138)		2,603,912

Total assets measured at fair value		$	2,950,350	$	3,585	$	(3,173)	$	2,950,762


		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

Schedule of Contractual Maturities of Investments

The following table presents the contractual maturities of our investments as of March 31, 2025 (in thousands):


	Fair Value
Due in less than one year	$	1,324,881
Due in one to five years	1,279,031
Total	$	2,603,912