Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2025

Cash Equivalents And Marketable Securities [Abstract]

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.