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Marketable Securities
 3 Months Ended
Mar. 31, 2025
Marketable Securities  
Marketable Securities
3.
Marketable Securities

The following is a summary of the Company’s investing portfolio (in thousands):

 

AS OF MARCH 31, 2025

 

 

 

 

 

UNREALIZED

 

 

 

 

 

COST

 

 

GAINS

 

 

LOSSES

 

 

FAIR VALUE

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Maturities within one year:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

176,927

 

 

$

395

 

 

$

(24

)

 

$

177,298

 

Debt securities issued by U.S. government agencies

 

 

101,911

 

 

 

163

 

 

 

(12

)

 

 

102,062

 

Commercial paper

 

 

34,178

 

 

 

5

 

 

 

(2

)

 

 

34,181

 

Corporate debt securities

 

 

92,797

 

 

 

83

 

 

 

(8

)

 

 

92,872

 

Total maturities within one year

 

 

405,813

 

 

 

646

 

 

 

(46

)

 

 

406,413

 

Maturities between one and two years:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

79,792

 

 

$

140

 

 

$

(49

)

 

$

79,883

 

Debt securities issued by U.S. government agencies

 

 

61,797

 

 

 

405

 

 

 

—

 

 

 

62,202

 

Corporate debt securities

 

 

26,043

 

 

 

15

 

 

 

(37

)

 

 

26,021

 

Total maturities between one and two years

 

 

167,632

 

 

 

560

 

 

 

(86

)

 

 

168,106

 

Total marketable securities

 

$

573,445

 

 

$

1,206

 

 

$

(132

)

 

$

574,519

 

 

 

AS OF DECEMBER 31, 2024

 

 

 

 

 

UNREALIZED

 

 

 

 

 

COST

 

 

GAINS

 

 

LOSSES

 

 

FAIR VALUE

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Maturities within one year:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

158,332

 

 

$

469

 

 

$

(34

)

 

$

158,767

 

Debt securities issued by U.S. government agencies

 

 

115,425

 

 

 

169

 

 

 

—

 

 

 

115,594

 

Commercial paper

 

 

35,508

 

 

 

49

 

 

 

—

 

 

 

35,557

 

Corporate debt securities

 

 

68,831

 

 

 

146

 

 

 

(31

)

 

 

68,946

 

Total maturities within one year

 

 

378,096

 

 

 

833

 

 

 

(65

)

 

 

378,864

 

Maturities between one and two years:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

$

90,330

 

 

$

109

 

 

$

(271

)

 

$

90,168

 

Debt securities issued by U.S. government agencies

 

 

102,707

 

 

 

470

 

 

 

(75

)

 

 

103,102

 

Corporate debt securities

 

 

17,232

 

 

 

—

 

 

 

(86

)

 

 

17,146

 

Total maturities between one and two years

 

 

210,269

 

 

 

579

 

 

 

(432

)

 

 

210,416

 

Total marketable securities

 

$

588,365

 

 

$

1,412

 

 

$

(497

)

 

$

589,280

 

As of March 31, 2025, the Company had 45 securities with a total fair market value of $130.8 million in an unrealized loss position. The Company does not intend to sell its investments before recovery of the amortized cost basis of its debt securities at maturity and no allowance for credit losses was recorded as of March 31, 2025 and December 31, 2024. Securities are evaluated at the end of each reporting period. The Company did not record any impairment related to its marketable securities during the three months ended March 31, 2025 and 2024.