Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Available-for-Sale

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

Schedule of Investments Classified by Contractual Maturity Date

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

Schedule of Fair Value, Assets Measured on Recurring Basis

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