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Cash, Cash Equivalents and Investments | 12 Months Ended
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Dec. 31, 2024
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments The following table summarizes our cash, cash equivalents, marketable securities and available-for-sale investments at December 31, 2024 (in thousands):
| As of December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 94,919 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,919 |  |  |  | $ | 94,919 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 322,874 |  |  | — |  |  | — |  |  | 322,874 |  |  |  | 322,874 |  |  | — |  |  | — |
Agency bonds | 996 |  |  | — |  |  | — |  |  | 996 |  |  |  | — |  |  | — |  |  | 996 |
U.S. Government bonds | 75,994 |  |  | 7 |  |  | (5) |  |  | 75,996 |  |  |  | — |  |  | — |  |  | 75,996 |
U.S. Treasury bills | 14,431 |  |  | 25 |  |  | — |  |  | 14,456 |  |  |  | — |  |  | — |  |  | 14,456 |
Marketable securities | 90,000 |  |  | 108,270 |  |  | — |  |  | 198,270 |  |  |  | — |  |  | 198,270 |  |  | — |
Subtotal | 504,295 |  |  | 108,302 |  |  | (5) |  |  | 612,592 |  |  |  | 322,874 |  |  | 198,270 |  |  | 91,448 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 136,480 |  |  | — |  |  | — |  |  | 136,480 |  |  |  | 11,480 |  |  | — |  |  | 125,000 |
Corporate bonds | 122,018 |  |  | 10 |  |  | (63) |  |  | 121,965 |  |  |  | 24,075 |  |  | — |  |  | 97,890 |
Commercial paper | 20,393 |  |  | — |  |  | — |  |  | 20,393 |  |  |  | 1,496 |  |  | — |  |  | 18,897 |
Subtotal | 278,891 |  |  | 10 |  |  | (63) |  |  | 278,838 |  |  |  | 37,051 |  |  | — |  |  | 241,787 |
Total | $ | 878,105 |  |  | $ | 108,312 |  |  | $ | (68) |  |  | $ | 986,349 |  |  |  | $ | 454,844 |  |  | $ | 198,270 |  |  | $ | 333,235 |
As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. Acquire d common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statement of operations as unrealized gain (or loss) on marketable securities, which is included in other income (loss), net. During the year ended December 31, 2024, we recorded an unrealized gain on marketable securities of $120.3 million. The following table summarizes our cash, cash equivalents and available-for-sale investments at December 31, 2023 (in thousands):
| As of December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 406,743 |  |  | $ | — |  |  | $ | — |  |  | $ | 406,743 |  |  |  | $ | 406,743 |  | $ | — |  | $ | —
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 1,470 |  |  | — |  |  | — |  |  | 1,470 |  |  |  | 1,470 |  | — |  | —
Agency bonds | 222,057 |  |  | 2 |  |  | (174) |  |  | 221,885 |  |  |  | 101,635 |  | — |  | 120,250
U.S. Government bonds | 238,747 |  |  | 120 |  |  | (237) |  |  | 238,630 |  |  |  | — |  | — |  | 238,630
U.S. Treasury bills | 148,063 |  |  | 28 |  |  | — |  |  | 148,091 |  |  |  | 88,697 |  | — |  | 59,394
Marketable securities | 90,000 |  |  | — |  |  | (12,060) |  |  | 77,940 |  |  |  | — |  | 77,940 |  | —
Subtotal | 700,337 |  |  | 150 |  |  | (12,471) |  |  | 688,016 |  |  |  | 191,802 |  | 77,940 |  | 418,274
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 128,205 |  |  | — |  |  | — |  |  | 128,205 |  |  |  | — |  | — |  | 128,205
Corporate bonds | 80,646 |  |  | 8 |  |  | (165) |  |  | 80,489 |  |  |  | — |  | — |  | 80,489
Treasury inflation-protected securities | 2,635 |  |  | — |  |  | (5) |  |  | 2,630 |  |  |  | — |  | — |  | 2,630
Commercial paper | 14,456 |  |  | — |  |  | — |  |  | 14,456 |  |  |  | — |  | — |  | 14,456
Subtotal | 225,942 |  |  | 8 |  |  | (170) |  |  | 225,780 |  |  |  | — |  | — |  | 225,780
Total | $ | 1,333,022 |  |  | $ | 158 |  |  | $ | (12,641) |  |  | $ | 1,320,539 |  |  |  | $ | 598,545 |  | $ | 77,940 |  | $ | 644,054
As of December 31, 2023, we had $420.4 million of available-for-sale investments with unrealized losses. Of this amount, $138.8 million had been in a continuous unrealized loss position for 12 months or longer, with total gross unrealized losses of $0.3 million. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. During the years ended December 31, 2023 and 2022, we recorded a $38.7 million unrealized gain and $32.9 million unrealized loss on marketable securities, respectively.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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