Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value

A summary of the Company’s cash equivalents and marketable securities as of December 31, 2024 and 2023, which are recorded at fair value (and excludes $193.9 million and $197.8 million of cash at December 31, 2024 and 2023, respectively) is shown below (in thousands):

December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	74,155	$	—	$	—		$	74,155
Corporate debt securities		882		—		—			882
Commercial paper		29,271		—		(9	)		29,262
Total cash equivalents		104,308		—		(9	)		104,299
Marketable securities:
U.S. Treasury securities		5,936		2		—			5,938
Corporate debt securities		1,136,255		3,442		(1,592	)		1,138,105
Certificates of deposit		52,372		—		—			52,372
Government-sponsored enterprise securities		266,877		482		(497	)		266,862
Commercial paper		127,805		34		(39	)		127,800
Total marketable debt securities		1,589,245		3,960		(2,128	)		1,591,077
Corporate equity securities		10,387		4,600		(495	)		14,492
Total marketable securities		1,599,632		8,560		(2,623	)		1,605,569
Total cash equivalents and marketable securities	$	1,703,940	$	8,560	$	(2,632	)	$	1,709,868

December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents:
Money market funds	$	185,990	$	—	$	—		$	185,990
U.S. Treasury securities		5,731		—		—			5,731
Total cash equivalents		191,721		—		—			191,721
Marketable securities:
U.S. Treasury securities		22,963		45		—			23,008
Corporate debt securities		883,550		3,367		(1,559	)		885,358
Certificates of deposit		47,282		—		—			47,282
Government-sponsored enterprise securities		195,106		377		(352	)		195,131
Commercial paper		155,403		32		(26	)		155,409
Total marketable securities		1,304,304		3,821		(1,937	)		1,306,188
Total cash equivalents and marketable securities	$	1,496,025	$	3,821	$	(1,937	)	$	1,497,909