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Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of reconciliation of available-for-sale debt securities from amortized cost to fair value
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at December 31, 2024 and December 31, 2023 is as follows:
Amortized CostAllowance for Credit LossesNet Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
December 31, 2024
Debt securities
U.S. treasury bills$312,262 $— $312,262 $82 $(47)$312,297 
U.S. treasury bonds
74,526 — 74,526 34 — 74,560 
Total $386,788 $— $386,788 $116 $(47)$386,857 
December 31, 2023
Debt securities
U.S. corporate bonds$46,228 $— $46,228 $7 $(24)$46,211 
Foreign corporate bonds7,180 — 7,180 — (7)7,173 
U.S. treasury bills113,908 — 113,908 27 — 113,935 
Total$167,316 $— $167,316 $34 $(31)$167,319 
The fair values of debt securities available-for-sale by classification in the consolidated balance sheets were as follows:
December 31, 2024December 31, 2023
Cash and cash equivalents$— $33,902 
Marketable securities386,857 133,417 
Total$386,857 $167,319 
Schedule of available-for-sale debt securities by contractual maturity
The net amortized cost and fair value of debt securities available-for-sale at December 31, 2024 and December 31, 2023 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
December 31, 2024December 31, 2023
Net Amortized CostFair ValueNet Amortized CostFair Value
Due to mature:
Less than one year$386,788 $386,857 $167,316 $167,319 
Summary of debt securities available-for-sale in an unrealized loss position, aggregated by the length of time
Summarized below are the debt securities available-for-sale the Company held at December 31, 2024 and December 31, 2023 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:
Less than 12 months
Number of SecuritiesFair ValueUnrealized Losses
December 31, 2024
Debt securities
U.S. treasury bills4 $58,988 $(47)
December 31, 2023
Debt securities
U.S. corporate bonds6 $29,537 $(24)
Foreign corporate bonds1 7,173 (7)
Total7 $36,710 $(31)
Schedule of net investment income Net investment income included in other income (expense), net in the consolidated statements of operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 were as follows:
202420232022
Debt securities (including realized losses)
$14,477 $10,490 $1,454 
Other investments
7,034 7,432 1,781 
Gross investment income (including realized losses)
21,511 17,922 3,235 
Investment expenses(177)(236)(27)
Net investment income$21,334 $17,686 $3,208 
Schedule of proceeds from sale of available-for-sale debt securities and related gross realized capital gains and losses The proceeds from the sale of debt securities available-for-sale and the related gross realized losses for the year ended December 31, 2024, 2023 and 2022 were as follows:
202420232022
Proceeds from sales
$— $4,920 $— 
Gross realized losses
$— $39 $—