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Cash, Cash Equivalents and Short-Term Investments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024 consisted of the following:
| As of June 30, 2025
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 110.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 110.6 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 625.7 |  | — |  |  | — |  |  | 625.7
Total cash & cash equivalents | $ | 736.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 736.3 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 101.4 |  | 0.1 |  |  | (1.6) |  |  | 99.9
U.S. Treasury securities | 85.0 |  | 0.1 |  |  | (1.3) |  |  | 83.8
Municipal securities | 21.1 |  | — |  |  | (0.3) |  |  | 20.8
Asset backed securities | 8.6 |  | — |  |  | (0.2) |  |  | 8.4
U.S. agency obligations | 3.8 |  |  | — |  |  | (0.1) |  |  | 3.7 |
Supranational securities | 1.8 |  |  | — |  |  | — |  |  | 1.8 |
Total short-term investments | 221.7 |  |  | 0.2 |  |  | (3.5) |  |  | 218.4 |
Total | $ | 958.0 |  |  | $ | 0.2 |  |  | $ | (3.5) |  |  | $ | 954.7 |
| 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 June 30, 2025:
| As of June 30, 2025
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 143.6 |  |  | $ | 141.6 |
Due between one to three years | 71.5 |  |  | 70.3 |
Due after three years | 6.6 |  |  | 6.5 |
Total | $ | 221.7 |  |  | $ | 218.4 |
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 June 30, 2025 and December 31, 2024:
| As of June 30, 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 | $ | 1.9 |  |  | $ | — |  |  | $ | 75.9 |  |  | $ | (1.6) |  |  | $ | 77.8 |  |  | $ | (1.6) |
U.S. Treasury securities | — |  |  | — |  |  | 67.0 |  |  | (1.3) |  |  | 67.0 |  |  | (1.3) |
Municipal securities | 6.1 |  |  | (0.1) |  |  | 14.6 |  |  | (0.2) |  |  | 20.7 |  |  | (0.3) |
Asset backed securities | — |  |  | — |  |  | 6.2 |  |  | (0.2) |  |  | 6.2 |  |  | (0.2) |
U.S. agency obligations | — |  |  | — |  |  | 3.7 |  |  | (0.1) |  |  | 3.7 |  |  | (0.1) |
Total | $ | 8.0 |  |  | $ | (0.1) |  |  | $ | 167.4 |  |  | $ | (3.4) |  |  | $ | 175.4 |  |  | $ | (3.5) |
| 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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