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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Available-for-Sale Marketable Securities
Available-for-sale marketable securities consisted of the following (in thousands):
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$251 $— $— $251 
Corporate debt securities102,632 150 (207)102,575 
U.S. treasury securities
367,700 442 (572)367,570 
Agency bonds9,844 — (16)9,828 
Total marketable securities, available-for-sale$480,427 $592 $(795)$480,224 
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$3,512 $— $(8)$3,504 
Corporate debt securities6,022 1 (10)6,013 
U.S. treasury securities
175,996 200 (12)176,184 
Agency bonds16,119 — (16)16,103 
Commercial paper15,826 — — 15,826 
Total marketable securities, available-for-sale$217,475 $201 $(46)$217,630 
Schedule of Contractual Maturities of Available-for-Sale Debt Securities
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
December 31, 2024December 31, 2023
Due within one year$314,978 $197,633 
Due after one year but within five years (1)
165,246 19,997 
Total estimated fair value of contractual maturities, available-for-sale$480,224 $217,630 
(1)    These investments are classified as current assets which reflects management’s intention to use the proceeds from the sale of these investments to fund operations, as necessary.
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
December 31, 2024December 31, 2023
Level 1Level 2
Total Estimated Fair Value
Level 1Level 2
Total Estimated Fair Value
Assets
Cash equivalents
Money market funds$55,182 $— $55,182 $22,142 $— $22,142 
U.S. treasury securities
— — — 2,000 — 2,000 
Available-for-sale marketable
securities
Asset-backed securities— 251 251 — 3,504 3,504 
Corporate debt securities— 102,575 102,575 — 6,013 6,013 
U.S. treasury securities
367,570 — 367,570 176,184 — 176,184 
Agency bonds9,828 — 9,828 16,103 — 16,103 
Commercial paper— — — — 15,826 15,826 
Derivative instruments
Currency hedging contracts (1)
— 4,006 4,006 — — — 
Total assets$432,580 $106,832 $539,412 $216,429 $25,343 $241,772 
Liabilities
Derivative instruments
Currency hedging contracts(1)
$— $17 $17 $— $9,480 $9,480 
(1)    Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of December 31, 2024, the derivative assets recorded within prepaid expenses and other current assets and prepaid expenses and other assets in our consolidated balance sheets were $2.4 million and $1.6 million, respectively. The derivative liabilities recorded within other long-term liabilities in our consolidated balance sheets as of December 31, 2024 were not material.