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Cash, Cash Equivalents and Investments | 9 Months Ended
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Sep. 30, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale debt investments at September 30, 2025 and December 31, 2024 (in thousands):
| As of September 30, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 878,921 |  | $ | — |  | $ | — |  | $ | 878,921 |  |  | $ | 878,921 |  | $ | — |  | $ | —
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 334,128 |  | — |  | — |  | 334,128 |  |  | 334,128 |  | — |  | —
U.S. Treasury bills | 213,516 |  | 69 |  | — |  | 213,585 |  |  | 151,483 |  | — |  | 62,102
Marketable securities | 36,794 |  | 31,385 |  | — |  | 68,179 |  |  | — |  | 68,179 |  | —
Agency bonds | 25,911 |  | 4 |  | — |  | 25,915 |  |  | — |  | — |  | 25,915
U.S. Government bonds | 6,485 |  | — |  | — |  | 6,485 |  |  | — |  | — |  | 6,485
Subtotal | 616,834 |  | 31,458 |  | — |  |  | 648,292 |  |  | 485,611 |  | 68,179 |  | 94,502
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 749,618 |  | — |  | — |  | 749,618 |  |  | 59,339 |  | — |  | 690,279
Corporate bonds | 125,936 |  | 68 |  | (7) |  | 125,997 |  |  | — |  | — |  | 125,997
Commercial paper | 40,507 |  | — |  | — |  | 40,507 |  |  | — |  | — |  | 40,507
Certificates of deposit | 1,500 |  | 1 |  | — |  | 1,501 |  |  | — |  | — |  | 1,501
Subtotal | 917,561 |  | 69 |  | (7) |  |  | 917,623 |  |  | 59,339 |  | — |  | 858,284
Total | $ | 2,413,316 |  | $ | 31,527 |  | $ | (7) |  | $ | 2,444,836 |  |  | $ | 1,423,871 |  | $ | 68,179 |  | $ | 952,786
During the three and nine months ended September 30, 2025, proceeds from the sale of available-for-sale securities were $24.0 million. As of September 30, 2025, we had $191.0 million of available-for-sale debt 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. Acquired common stock is recorded as marketable securities in the consolidated balance sheets and i ts fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statements of operations and comprehensive income (loss) as unrealized gain (or loss) on marketable securities, which is included in other income, net. During the three and nine months ended September 30, 2025, net proceeds from the sales of marketable securities were $84.1 million, representing a $30.9 million net realized gain from the time of purchase. D uring the three and nine months ended September 30, 2025, net losses of $1.0 million and $33.1 million were recognized for securities sold in the period, respectively, within other income, net in the consolidated statements of operations and comprehensive income (loss). D uring the three and nine months ended September 30, 2025, we recorded an unrealized gain of $9.3 million and an unrealized loss of $12.9 million on marketable securities still held as of the reporting date, respectively. We recorded an unrealized gain on marketable securities of $44.0 million and $73.6 million, respectively, for the same periods in the prior year.
| 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 |  |  | — |  |  | — |
Marketable securities | 90,000 |  |  | 108,270 |  |  | — |  |  | 198,270 |  |  |  | — |  |  | 198,270 |  |  | — |
U.S. Government bonds | 75,994 |  |  | 7 |  |  | (5) |  |  | 75,996 |  |  |  | — |  |  | — |  |  | 75,996 |
U.S. Treasury bills | 14,431 |  |  | 25 |  |  | — |  |  | 14,456 |  |  |  | — |  |  | — |  |  | 14,456 |
Agency bonds | 996 |  |  | — |  |  | — |  |  | 996 |  |  |  | — |  |  | — |  |  | 996 |
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.

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized 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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