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Available-for-sale Securities

3 Months Ended

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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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

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-Topic 320
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-Name Accounting Standards Codification
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