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Cash Equivalents and Marketable Securities | 6 Months Ended
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Jun. 30, 2025
Cash Equivalents And Marketable Securities [Abstract] |
Cash Equivalents and Marketable Securities | 4. Cash Equivalents and Marketable Securities We invest in certain U.S. government money market funds, treasury bills and commercial paper classified as cash equivalents. Our marketable securities consist of high investment grade fixed income securities that are invested in U.S. treasury bills. Cash equivalents and marketable securities consisted of the following:
|  | June 30, 2025 |
|  | Amortized Cost Basis |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 331,772 |  |  | $ | — |  |  | $ | — |  |  | $ | 331,772 |
Treasury bills |  |  | 31,365 |  |  |  | 1 |  |  |  | — |  |  |  | 31,366 |
Agency discount notes |  |  | 14,969 |  |  |  | — |  |  |  | — |  |  |  | 14,969 |
Total cash equivalents |  | $ | 378,106 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 378,107 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills |  |  | 7,939 |  |  |  | — |  |  |  | — |  |  |  | 7,939 |
Total marketable securities |  |  | 7,939 |  |  |  | — |  |  |  | — |  |  |  | 7,939 |
Total cash equivalents and marketable securities |  | $ | 386,045 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 386,046 |
|  | December 31, 2024 |
|  | Amortized Cost Basis |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 294,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 294,872 |
Treasury bills |  |  | 20,710 |  |  |  | 4 |  |  |  | — |  |  |  | 20,714 |
Agency discount notes |  |  | 44,201 |  |  |  | 4 |  |  |  | — |  |  |  | 44,205 |
Total cash equivalents |  | $ | 359,783 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 359,791 |
There were no marketable securities as of December 31, 2024.

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- Definition Cash equivalents and marketable securities. + References No definition available. + Details
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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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