Marketable Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	110,332	$	-	$	-	$	110,332
Commercial paper	13,465		-		(3)		13,462
Total cash equivalents	$	123,797	$	-	$	(3)	$	123,794
Marketable securities
U.S. treasury and agency securities	$	220,574	$	553	$	(89)	$	221,038
Commercial paper	38,828		-		(14)		38,814
Corporate debt securities	635,525		2,628		(210)		637,943
Asset-backed securities	4,954		9		-		4,963
Total marketable securities	$	899,881	$	3,190	$	(313)	$	902,758

	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 June 30, 2025				As of December 31, 2024
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	442,268	$	442,744	$	425,733	$	426,257
Due after one year through five years	581,410		583,808		468,186		468,088
Total available-for-sale securities	$	1,023,678	$	1,026,552	$	893,919	$	894,345