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v3.25.1

Available-for-sale Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Available-for-sale Securities | 4. Available-for-sale securities The following tables summarize the amortized cost and estimated fair value of the Company’s available-for-sale marketable securities and cash equivalents and the gross unrealized gains and losses:
|  | March 31, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gain |  |  | loss |  |  | fair value |
|  | (in thousands) |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 147,550 |  |  | $ | 27 |  |  | $ | (37 | ) |  | $ | 147,540 |
Certificates of deposit |  |  | 3,832 |  |  |  | 4 |  |  |  | — |  |  |  | 3,836 |
U.S. government and agency securities |  |  | 933,128 |  |  |  | 1,032 |  |  |  | (177 | ) |  |  | 933,983 |
Corporate bonds |  |  | 682,893 |  |  |  | 907 |  |  |  | (38 | ) |  |  | 683,762 |
Total marketable securities |  |  | 1,767,403 |  |  |  | 1,970 |  |  |  | (252 | ) |  |  | 1,769,121 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 247,266 |  |  |  | — |  |  |  | — |  |  |  | 247,266 |
Commercial paper |  |  | 63,015 |  |  |  | — |  |  |  | (11 | ) |  |  | 63,004 |
U.S. government and agency securities |  |  | 23,838 |  |  |  | — |  |  |  | — |  |  |  | 23,838 |
Corporate bonds |  |  | 1,229 |  |  |  | — |  |  |  | — |  |  |  | 1,229 |
Total cash equivalents |  |  | 335,348 |  |  |  | — |  |  |  | (11 | ) |  |  | 335,337 |
Total available-for-sale securities |  | $ | 2,102,751 |  |  | $ | 1,970 |  |  | $ | (263 | ) |  | $ | 2,104,458 |
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gain |  |  | loss |  |  | fair value |
|  | (in thousands) |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 158,838 |  |  | $ | 72 |  |  | $ | (17 | ) |  | $ | 158,893 |
Certificates of deposit |  |  | 9,039 |  |  |  | 10 |  |  |  | (1 | ) |  |  | 9,048 |
U.S. government and agency securities |  |  | 1,011,019 |  |  |  | 1,123 |  |  |  | (382 | ) |  |  | 1,011,760 |
Corporate bonds |  |  | 566,008 |  |  |  | 657 |  |  |  | (131 | ) |  |  | 566,534 |
Total marketable securities |  |  | 1,744,904 |  |  |  | 1,862 |  |  |  | (531 | ) |  |  | 1,746,235 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  |  | 409,233 |  |  |  | — |  |  |  | — |  |  |  | 409,233 |
Commercial paper |  |  | 86,778 |  |  |  | — |  |  |  | (13 | ) |  |  | 86,765 |
U.S. government and agency securities |  |  | 39,991 |  |  |  | 4 |  |  |  | (1 | ) |  |  | 39,994 |
Corporate bonds |  |  | 5,120 |  |  |  | — |  |  |  | — |  |  |  | 5,120 |
Total cash equivalents |  |  | 541,122 |  |  |  | 4 |  |  |  | (14 | ) |  |  | 541,112 |
Total available-for-sale securities |  | $ | 2,286,026 |  |  | $ | 1,866 |  |  | $ | (545 | ) |  | $ | 2,287,347 |
The amortized cost and estimated fair value of the Company’s available-for-sale securities by contractual maturity are summarized below as of March 31, 2025:
|  | March 31, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | unrealized |  |  | unrealized |  |  | Estimated |
|  | cost |  |  | gain |  |  | loss |  |  | fair value |
|  | (in thousands) |
Mature in one year or less |  | $ | 1,693,954 |  |  | $ | 1,116 |  |  | $ | (247 | ) |  | $ | 1,694,823 |
Mature after one year through two years |  |  | 408,797 |  |  |  | 854 |  |  |  | (16 | ) |  |  | 409,635 |
Total available-for-sale securities |  | $ | 2,102,751 |  |  | $ | 1,970 |  |  | $ | (263 | ) |  | $ | 2,104,458 |

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