Investments, Debt and Equity Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents, and Marketable Securities

5. Marketable Securities

Investments in marketable securities, including those classified in cash and cash equivalents, are summarized as follows (in thousands):

	As of March 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	214,662	$	46	$	(4)	$	214,704
Corporate bonds	70,501		59		(5)		70,555
Commercial paper	62,977		17		(6)		62,988
Marketable equity securities							12,838
Total cash equivalents and marketable securities	348,140		122		(15)		361,085
Less: cash equivalents	(156,591)		—		8		(156,583)
Marketable securities	$	191,549	$	122	$	(7)	$	204,502

The amortized cost and estimated fair value of marketable debt securities, including $156.6 million classified in cash and cash equivalents, are summarized below by contractual maturity dates (in thousands):

	As of March 31, 2025
	Amortized cost		Fair value
Due within one year	$	315,836	$	315,900
Due after one year through five years	32,304		32,347