Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2025

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 securities by major security type are as follows (in thousands):

	As of March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	52,921	$	-	$	-	$	52,921
Commercial paper	4,968		-		(1)		4,967
Total cash equivalents	$	57,889	$	-	$	(1)	$	57,888
Marketable securities
U.S. treasury and agency securities	$	212,682	$	535	$	(131)	$	213,086
Commercial paper	58,871		11		(17)		58,865
Corporate debt securities	553,828		1,947		(341)		555,434
Asset-backed securities	10,885		25		-		10,910
Total marketable securities	$	836,266	$	2,518	$	(489)	$	838,295

	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

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands):

	As of March 31, 2025				As of December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	402,702	$	403,251	$	425,733	$	426,257
Due after one year through five years	491,453		492,932		468,186		468,088
Total available-for-sale securities	$	894,155	$	896,183	$	893,919	$	894,345