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Cash, Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of Cash, Cash Equivalents and Short-Term Investments | The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of March 31, 2025 and December 31, 2024 consisted of the following:
| As of March 31, 2025
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 89.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 89.5 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 852.7 |  | — |  |  | — |  |  | 852.7
Total cash & cash equivalents | $ | 942.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 942.2 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 114.9 |  | 0.2 |  |  | (2.4) |  |  | 112.7
U.S. Treasury securities | 85.1 |  | — |  |  | (1.8) |  |  | 83.3
Municipal securities | 24.5 |  | — |  |  | (0.5) |  |  | 24.0
Asset backed securities | 12.6 |  | — |  |  | (0.2) |  |  | 12.4
U.S. agency obligations | 3.8 |  |  | — |  |  | (0.1) |  |  | 3.7 |
Supranational securities | 1.8 |  |  | — |  |  | (0.1) |  |  | 1.7 |
Total short-term investments | 242.7 |  |  | 0.2 |  |  | (5.1) |  |  | 237.8 |
Total | $ | 1,184.9 |  |  | $ | 0.2 |  |  | $ | (5.1) |  |  | $ | 1,180.0 |
| As of December 31, 2024
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 98.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 98.3 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 1,230.0 |  |  | — |  |  | — |  |  | 1,230.0 |
Total cash & cash equivalents | $ | 1,328.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,328.3 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 133.1 |  |  | 0.2 |  |  | (3.3) |  |  | 130.0 |
U.S. Treasury securities | 85.0 |  |  | — |  |  | (2.6) |  |  | 82.4 |
Municipal securities | 30.0 |  |  | — |  |  | (0.7) |  |  | 29.3 |
Asset backed securities | 19.2 |  |  | — |  |  | (0.3) |  |  | 18.9 |
U.S. agency obligations | 3.8 |  |  | — |  |  | (0.2) |  |  | 3.6 |
Supranational securities | 1.8 |  |  | — |  |  | (0.1) |  |  | 1.7 |
Total short-term investments | 272.9 |  |  | 0.2 |  |  | (7.2) |  |  | 265.9 |
Total | $ | 1,601.2 |  |  | $ | 0.2 |  |  | $ | (7.2) |  |  | $ | 1,594.2 |
Schedule of Contractual Maturities of Short Term Investments | The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2025:
| As of March 31, 2025
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 147.7 |  |  | $ | 145.0 |
Due between one to three years | 83.1 |  |  | 81.1 |
Due after three years | 11.9 |  |  | 11.7 |
Total | $ | 242.7 |  |  | $ | 237.8 |
Schedule of Breakdown of the Short-Term Investments | The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of March 31, 2025 and December 31, 2024:
| As of March 31, 2025
| Less than 12 months |  | More than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate notes and obligations | $ | 1.3 |  |  | $ | — |  |  | $ | 88.3 |  |  | $ | (2.4) |  |  | $ | 89.6 |  |  | $ | (2.4) |
U.S. Treasury securities | 5.1 |  |  | — |  |  | 66.4 |  |  | (1.8) |  |  | 71.5 |  |  | (1.8) |
Municipal securities | 6.1 |  |  | (0.1) |  |  | 17.9 |  |  | (0.4) |  |  | 24.0 |  |  | (0.5) |
Asset backed securities | — |  |  | — |  |  | 9.8 |  |  | (0.2) |  |  | 9.8 |  |  | (0.2) |
U.S. agency obligations | — |  |  | — |  |  | 3.7 |  |  | (0.1) |  |  | 3.7 |  |  | (0.1) |
Supranational securities | — |  |  | — |  |  | 1.7 |  |  | (0.1) |  |  | 1.7 |  |  | (0.1) |
Total | $ | 12.5 |  |  | $ | (0.1) |  |  | $ | 187.8 |  |  | $ | (5.0) |  |  | $ | 200.3 |  |  | $ | (5.1) |
| As of December 31, 2024
| Less than 12 months |  | More than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate notes and obligations | $ | 1.9 |  |  | $ | — |  |  | $ | 103.8 |  |  | $ | (3.3) |  |  | $ | 105.7 |  |  | $ | (3.3) |
U.S. Treasury securities | 9.0 |  |  | (0.1) |  |  | 65.7 |  |  | (2.5) |  |  | 74.7 |  |  | (2.6) |
Municipal securities | 6.0 |  |  | (0.1) |  |  | 23.1 |  |  | (0.6) |  |  | 29.1 |  |  | (0.7) |
Asset backed securities | — |  |  | — |  |  | 16.0 |  |  | (0.3) |  |  | 16.0 |  |  | (0.3) |
U.S. agency obligations | — |  |  | — |  |  | 3.6 |  |  | (0.2) |  |  | 3.6 |  |  | (0.2) |
Supranational securities | — |  |  | — |  |  | 1.7 |  |  | (0.1) |  |  | 1.7 |  |  | (0.1) |
Total | $ | 16.9 |  |  | $ | (0.2) |  |  | $ | 213.9 |  |  | $ | (7.0) |  |  | $ | 230.8 |  |  | $ | (7.2) |

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