Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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

As of March 31, 2025 and December 31, 2024, 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 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

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 material allowance for credit losses as of March 31, 2025 and December 31, 2024 or impairments for the three months ended March 31, 2025 and 2024.

There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2025 and 2024.