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Cash, Cash Equivalents and Short-Term Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024 consisted of the following:

			As of September 30, 2025
			Amortized Cost						Unrealized Gain						Unrealized Loss						Estimated Fair Value
Cash			$	115.3					$	—					$	—					$	115.3
Cash equivalents
Money market funds			615.4						—						—						615.4
Total cash & cash equivalents			$	730.7					$	—					$	—					$	730.7
Short-term investments
Corporate notes and obligations			88.5						0.1						(1.1)						87.5
U.S. Treasury securities			80.1						0.1						(0.6)						79.6
Municipal securities			15.4						—						(0.1)						15.3
Asset backed securities			6.7						—						(0.1)						6.6
U.S. agency obligations			3.8						—						—						3.8
Supranational securities			1.8						—						—						1.8
Total short-term investments			196.3						0.2						(1.9)						194.6
Total			$	927.0					$	0.2					$	(1.9)					$	925.3

			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 September 30, 2025:

			As of September 30, 2025
			Amortized Cost						Estimated Fair Value
Due within one year			$	152.6					$	151.1
Due between one to three years			38.4						38.3
Due after three years			5.3						5.2
Total			$	196.3					$	194.6

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 September 30, 2025 and December 31, 2024:

			As of September 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			$	0.5					$	—					$	65.3					$	(1.1)					$	65.8					$	(1.1)
U.S. Treasury securities			5.0						—						62.7						(0.6)						67.7						(0.6)
Municipal securities			1.2						—						14.0						(0.1)						15.2						(0.1)
Asset backed securities			—						—						4.8						(0.1)						4.8						(0.1)
Total			$	6.7					$	—					$	146.8					$	(1.9)					$	153.5					$	(1.9)

			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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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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-Name Accounting Standards Codification
-Section 55
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