Cash, Cash Equivalents, Restricted Cash And Investments

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Investments

. CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):

	As of March 31, 2025									As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash and money market funds	$	24,871	$	—	$	—		$	24,871	$	33,204	$	—	$	—		$	33,204
Corporate notes and bonds		13,923		14		(5	)		13,932		45,823		22		(53	)		45,792
US government and agency		661,029		210		(216	)		661,023		287,084		319		(118	)		287,285
Total cash, cash equivalents,    restricted cash and    investments	$	699,823	$	224	$	(221	)	$	699,826	$	366,111	$	341	$	(171	)	$	366,281

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	As of March 31, 2025
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Loses
Corporate notes and bonds	$	—	$	—		$	3,985	$	(5	)	$	3,985	$	(5	)
US government and agency		425,697		(211	)		1,995		(5	)		427,692		(216	)
Total	$	425,697	$	(211	)	$	5,980	$	(10	)	$	431,677	$	(221	)

	As of December 31, 2024
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Loses
Corporate notes and bonds	$	—	$	—		$	24,396	$	(53	)	$	24,396	$	(53	)
US government and agency		67,600		(111	)		3,987		(7	)		71,587		(118	)
Total	$	67,600	$	(111	)	$	28,383	$	(60	)	$	95,983	$	(171	)

The Company did not have any allowance for credit losses as of either March 31, 2025 or December 31, 2024. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of March 31, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

	1 Year or Less		Greater than 1 Year		Total
Cash and money market funds	$	22,262	$	2,609	$	24,871
Corporate notes and bonds		13,932		—		13,932
US government and agency		552,162		108,861		661,023
Total	$	588,356	$	111,470	$	699,826