The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale debt securities by major security type are as follows (in thousands):


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	—	$	59,595



Total cash equivalents	$	59,595	$	—	$	—	$	59,595
Marketable securities
U.S. treasury and agency securities	$	202,506	$	338	$	(375)	$	202,469
Commercial paper	103,219		51		(37)		103,233
Corporate debt securities	512,531		1,351		(957)		512,925

Asset-backed securities	16,068		63		(8)		16,123
Total marketable securities	$	834,324	$	1,803	$	(1,377)	$	834,750


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	757	$	—	$	—	$	757
U.S. treasury and agency securities	472		—		—		472
Commercial paper	250		—		—		250
Total cash equivalents	$	1,479	$	—	$	—	$	1,479

Marketable securities
U.S. treasury and agency securities	$	59,856	$	211	$	(64)	$	60,003
Commercial paper	8,513		—		(5)		8,508
Corporate debt securities	23,552		96		(9)		23,639

Asset-backed securities	12,059		14		(8)		12,065
Total marketable securities	$	103,980	$	321	$	(86)	$	104,215

As of December 31, 2024 and 2023, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material.

The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands):


	As of December 31, 2024				As of December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	425,733	$	426,257	$	65,816	$	65,757
Due after one year through five years	468,186		468,088		39,643		39,937
Total available-for-sale securities	$	893,919	$	894,345	$	105,459	$	105,694

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The Company did not recognize any allowance for credit losses as of December 31, 2024 and 2023 or impairment charges for the years ended December 31, 2024, 2023 and 2022.

There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2024, 2023, and 2022.

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	59,595	$	—	$	59,595



Total cash equivalents	$	59,595	$	—	$	59,595
Marketable securities
U.S. treasury and agency securities	$	—	$	202,469	$	202,469
Commercial paper	—		103,233		103,233
Corporate debt securities	—		512,925		512,925

Asset-backed securities	—		16,123		16,123
Total marketable securities	$	—	$	834,750	$	834,750


	As of December 31, 2023
	Level 1		Level 2		Total Fair Value
Cash equivalents
Money market funds	$	757	$	—	$	757
U.S. treasury and agency securities	—		472		472
Commercial paper	—		250		250
Total cash equivalents	$	757	$	722	$	1,479
Marketable securities
U.S. treasury and agency securities	$	—	$	60,003	$	60,003
Commercial paper	—		8,508		8,508
Corporate debt securities	—		23,639		23,639

Asset-backed securities	—		12,065		12,065
Total marketable securities	$	—	$	104,215	$	104,215

As of December 31, 2024 and 2023, there was no marketable securities with level 3 fair value hierarchy measurement.