Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

•Level 1: Quoted market prices in active markets for identical assets or liabilities

•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

•Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets

We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. There were no transfers between levels during the periods presented.

The following table sets forth our financial assets that are measured at fair value on a recurring basis:

		June 30, 2025
	Fair value hierarchy level	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
		(in thousands)
Cash equivalents:
Money market funds	Level 1	$	621,940	$	—	$	—	$	621,940
U.S. treasury securities	Level 1	19,967		—		—		19,967
Certificates of deposit	Level 2	25,397		—		—		25,397
Marketable securities:
U.S. treasury securities	Level 1	665,971		899		(70)		666,800
U.S. agency bonds	Level 2	301,916		77		(207)		301,786
Corporate bonds	Level 2	239,906		586		(16)		240,476
Commercial paper	Level 2	116,831		6		(18)		116,819
Total		$	1,991,928	$	1,568	$	(311)	$	1,993,185

		December 31, 2024
	Fair value hierarchy level	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
		(in thousands)
Cash equivalents:
Money market funds	Level 1	$	497,461	$	—	$	—	$	497,461
U.S. treasury securities	Level 1	5,979		2		—		5,981
Corporate bonds	Level 2	1,066		2		—		1,068
Marketable securities:
U.S. treasury securities	Level 1	817,996		1,120		(396)		818,720
U.S. agency bonds	Level 2	117,965		15		(62)		117,918
Corporate bonds	Level 2	159,424		400		(86)		159,738
Commercial paper	Level 2	182,264		99		(22)		182,341
Total		$	1,782,155	$	1,638	$	(566)	$	1,783,227

Gross unrealized losses within accumulated other comprehensive income (loss) were immaterial as of June 30, 2025 and December 31, 2024. There were no impairment charges due to credit losses during the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025, the amortized cost of marketable securities with maturities less than one year was $820.4 million. The amortized cost of marketable securities with maturities between one and five years was $504.3 million.