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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: •Level 1: Quoted market prices in active markets for identical assets or liabilities •Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data •Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. There were no transfers between levels during the periods presented. The following table sets forth our financial assets that are measured at fair value on a recurring basis:
|  |  | March 31, 2025
| Fair value hierarchy level |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
|  |  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds | Level 1 |  | $ | 546,127 |  |  | $ | — |  |  | $ | — |  |  | $ | 546,127 |
U.S. treasury securities | Level 1 |  | 12,508 |  |  | — |  |  | — |  |  | 12,508 |
Certificates of deposit | Level 2 |  | 25,118 |  |  | — |  |  | — |  |  | 25,118 |
Marketable securities: |  |  |  |  |  |  |  |  |
U.S. treasury securities | Level 1 |  | 767,005 |  |  | 1,084 |  |  | (85) |  |  | 768,004 |
U.S. agency bonds | Level 2 |  | 208,446 |  |  | 59 |  |  | (52) |  |  | 208,453 |
Corporate bonds | Level 2 |  | 198,458 |  |  | 433 |  |  | (49) |  |  | 198,842 |
Commercial paper | Level 2 |  | 140,091 |  |  | 31 |  |  | (6) |  |  | 140,116 |
Total |  |  | $ | 1,897,753 |  |  | $ | 1,607 |  |  | $ | (192) |  |  | $ | 1,899,168 |
|  |  | December 31, 2024
| Fair value hierarchy level |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
|  |  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds | Level 1 |  | $ | 497,461 |  |  | $ | — |  |  | $ | — |  |  | $ | 497,461 |
U.S. treasury securities | Level 1 |  | 5,979 |  |  | 2 |  |  | — |  |  | 5,981 |
Corporate bonds | Level 2 |  | 1,066 |  |  | 2 |  |  | — |  |  | 1,068 |
Marketable securities: |  |  |  |  |  |  |  |  |
U.S. treasury securities | Level 1 |  | 817,996 |  |  | 1,120 |  |  | (396) |  |  | 818,720 |
U.S. agency bonds | Level 2 |  | 117,965 |  |  | 15 |  |  | (62) |  |  | 117,918 |
Corporate bonds | Level 2 |  | 159,424 |  |  | 400 |  |  | (86) |  |  | 159,738 |
Commercial paper | Level 2 |  | 182,264 |  |  | 99 |  |  | (22) |  |  | 182,341 |
Total |  |  | $ | 1,782,155 |  |  | $ | 1,638 |  |  | $ | (566) |  |  | $ | 1,783,227 |
Gross unrealized losses within accumulated other comprehensive income (loss) were immaterial as of March 31, 2025 and December 31, 2024. There were no impairment charges due to credit losses during the three months ended March 31, 2025 and 2024. As of March 31, 2025, the amortized cost of marketable securities with maturities less than one year was $909.2 million. The amortized cost of marketable securities with maturities between one and five years was $404.8 million.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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