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Cash, Cash Equivalents, and Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Cash and Cash Equivalents [Abstract] |
Components of Cash, Cash Equivalents and Investments | Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2024 |  | 2023
Cash | $ | 170,852 |  |  | $ | 183,242 |
Money market instruments | 15,242 |  |  | 19,413 |
Cash and cash equivalents | 186,094 |  |  | 202,655 |
Corporate bonds | 55,742 |  |  | 124,851 |
Treasury notes | 2,487 |  |  | — |
Sovereign bonds | 990 |  |  | 990 |
Asset-backed securities | 737 |  |  | 3,551 |
Current investments | 59,956 |  |  | 129,392 |
Corporate bonds | 285,174 |  |  | 183,965 |
Treasury notes | 43,147 |  |  | 43,523 |
Asset-backed securities | 12,577 |  |  | 15,763 |
Sovereign bonds | — |  |  | 979 |
Non-current investments | 340,898 |  |  | 244,230 |
| $ | 586,948 |  |  | $ | 576,277 |
Summary of Available-for-Sale Investments | The following table summarizes the Company’s available-for-sale investments as of December 31, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 56,472 |  |  | $ | 3 |  |  | $ | (733) |  |  | $ | 55,742 |  |
Treasury notes | 2,501 |  |  | — |  |  | (14) |  |  | 2,487 |  |
Sovereign bonds | 1,013 |  |  | — |  |  | (23) |  |  | 990 |  |
Asset-backed securities | 739 |  |  | — |  |  | (2) |  |  | 737 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 288,332 |  |  | 408 |  |  | (3,566) |  |  | 285,174 |  |
Treasury notes | 43,570 |  |  | 2 |  |  | (425) |  |  | 43,147 |  |
Asset-backed securities | 13,131 |  |  | — |  |  | (554) |  |  | 12,577 |  |
| $ | 405,758 |  |  | $ | 413 |  |  | $ | (5,317) |  |  | $ | 400,854 |  |
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 128,150 |  |  | $ | — |  |  | $ | (3,299) |  |  | $ | 124,851 |  |
Asset-backed securities | 3,637 |  |  | — |  |  | (86) |  |  | 3,551 |  |
Sovereign bonds | 1,012 |  |  | — |  |  | (22) |  |  | 990 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 189,326 |  |  | 506 |  |  | (5,867) |  |  | 183,965 |  |
Treasury notes | 43,654 |  |  | 82 |  |  | (213) |  |  | 43,523 |  |
Asset-backed securities | 16,773 |  |  | — |  |  | (1,010) |  |  | 15,763 |  |
Sovereign bonds | 1,037 |  |  | — |  |  | (58) |  |  | 979 |  |
| $ | 383,589 |  |  | $ | 588 |  |  | $ | (10,555) |  |  | $ | 373,622 |  |
Gross Unrealized Losses and Fair Value for Available-for-Sale Investments | The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 172,049 |  |  | $ | (2,227) |  |  | $ | 87,815 |  |  | $ | (2,071) |  |  | $ | 259,864 |  |  | $ | (4,298) |
Treasury notes | 42,149 |  |  | (425) |  |  | 2,487 |  |  | (14) |  |  | 44,636 |  |  | (439) |
Asset-backed securities | 11,024 |  |  | (547) |  |  | 2,290 |  |  | (10) |  |  | 13,314 |  |  | (557) |
Sovereign bonds | — |  |  | — |  |  | 990 |  |  | (23) |  |  | 990 |  |  | (23) |
| $ | 225,222 |  |  | $ | (3,199) |  |  | $ | 93,582 |  |  | $ | (2,118) |  |  | $ | 318,804 |  |  | $ | (5,317) |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 30,770 |  |  | $ | (359) |  |  | $ | 226,643 |  |  | $ | (8,807) |  |  | $ | 257,413 |  |  | $ | (9,166) |
Treasury notes | 20,725 |  |  | (153) |  |  | 2,441 |  |  | (60) |  |  | 23,166 |  |  | (213) |
Asset-backed securities | 17,062 |  |  | (1,049) |  |  | 2,252 |  |  | (47) |  |  | 19,314 |  |  | (1,096) |
Sovereign bonds | — |  |  | — |  |  | 1,968 |  |  | (80) |  |  | 1,968 |  |  | (80) |
| $ | 68,557 |  |  | $ | (1,561) |  |  | $ | 233,304 |  |  | $ | (8,994) |  |  | $ | 301,861 |  |  | $ | (10,555) |
Realized Gain (Loss) on Investments | The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Gross realized gains |  | $ | 8 |  |  | $ | 111 |  |  | $ | 133 |
Gross realized losses |  | (16) |  |  | (2,065) |  |  | (315) |
Net realized gains (losses) |  | $ | (8) |  |  | $ | (1,954) |  |  | $ | (182) |
Effective Maturity Dates of Available-for-Sale Investments | The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2024 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Corporate bonds | $ | 55,742 |  |  | $ | 62,324 |  |  | $ | 92,207 |  |  | $ | 68,029 |  |  | $ | 62,614 |  |  | $ | — |  |  | $ | 340,916 |
Treasury notes | 2,487 |  |  | 9,177 |  |  | 21,365 |  |  | 12,605 |  |  | — |  |  | — |  |  | 45,634 |
Asset-backed securities | 737 |  |  | 5,911 |  |  | — |  |  | 1,296 |  |  | 1,982 |  |  | 3,388 |  |  | 13,314 |
Sovereign bonds | 990 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 990 |
| $ | 59,956 |  |  | $ | 77,412 |  |  | $ | 113,572 |  |  | $ | 81,930 |  |  | $ | 64,596 |  |  | $ | 3,388 |  |  | $ | 400,854 |

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