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Fair Value Measurement
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Available-for-sale marketable securities consisted of the following (in thousands):
June 30, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Corporate debt securities$130,785 $167 $(59)$130,893 
U.S. treasury securities337,852 120 (267)337,705 
Agency bonds9,835 — (11)9,824 
Commercial paper7,894 — — 7,894 
Total marketable securities, available-for-sale$486,366 $287 $(337)$486,316 
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 securities367,700 442 (572)367,570 
Agency bonds9,844 — (16)9,828 
Total marketable securities, available-for-sale$480,427 $592 $(795)$480,224 
As of June 30, 2025, 27 available-for-sale marketable securities with a fair market value of $280.8 million were in a gross unrealized loss position of $0.3 million. Based on our review of these marketable securities, we believe none of the unrealized loss is as a result of a credit loss as of June 30, 2025 because we do not intend to sell these securities and it is not more-likely-than-not that we will be required to sell these securities before the recovery of their amortized cost basis.
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
June 30, 2025December 31, 2024
Due within one year$373,246 $314,978 
Due after one year but within five years (1)
113,070 165,246 
Total estimated fair value of available-for-sale securities
$486,316 $480,224 
(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.
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):
June 30, 2025December 31, 2024
Level 1Level 2
Total Estimated Fair Value
Level 1Level 2
Total Estimated Fair Value
Assets
Cash equivalents
Money market funds$4,977 $— $4,977 $55,182 $— $55,182 
Available-for-sale marketable
   securities
Asset-backed securities— — — — 251 251 
Corporate debt securities— 130,893 130,893 — 102,575 102,575 
U.S. treasury securities337,705 — 337,705 367,570 — 367,570 
Agency bonds9,824 — 9,824 9,828 — 9,828 
Commercial paper— 7,894 7,894 — — — 
Derivative instruments
Currency hedging contracts (1)
— — — — 4,006 4,006 
Total assets$352,506 $138,787 $491,293 $432,580 $106,832 $539,412 
Liabilities
Derivative instruments
Currency hedging contracts (1)
$— $34,795 $34,795 $— $17 $17 
(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 June 30, 2025, the derivative liabilities recorded within accrued expenses and other long-term liabilities in our condensed consolidated balance sheets were $9.9 million and $24.9 million, respectively. 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.
We had no available-for-sale securities that were classified within Level 3 as of June 30, 2025 and December 31, 2024.