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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities Available-for-Sale
The following table summarizes our cash equivalents and available-for-sale debt investments:
December 31, 2024
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$53,110 $— $— $53,110 $— $53,110 
Corporate bonds755 — — 755 — 755 
Money market funds146,679 — — 146,679 146,679 — 
U.S. government bonds16,450 4 — 16,454 16,454 — 
Total cash equivalents (2)216,994 4 — 216,998 163,133 53,865 
Short-term investments
Asset-backed securities63,256 168 (1,038)62,386 — 62,386 
Certificate of deposits15,121 — — 15,121 15,121 — 
Commercial paper36,829 — — 36,829 — 36,829 
Corporate bonds258,191 567 (101)258,657 — 258,657 
Foreign government bonds1,590 — — 1,590 — 1,590 
Mortgage-backed securities11,159 2 (18)11,143 — 11,143 
Municipal bonds1,007 2 — 1,009 — 1,009 
U.S. government agency bonds11,392 — (25)11,367 — 11,367 
U.S. government bonds110,522 102 (170)110,454 110,454 — 
Total short-term investments509,067 841 (1,352)508,556 125,575 382,981 
Total$726,061 $845 $(1,352)$725,554 $288,708 $436,846 
December 31, 2023
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Asset-backed securities$138 $— $— $138 $— $138 
Commercial paper48,063 — — 48,063 — 48,063 
Money market funds60,719 — — 60,719 60,719 — 
US government bonds2,996 — — 2,996 2,996 — 
Total cash equivalents (2)111,916 — — 111,916 63,715 48,201 
Short-term investments
Asset-backed securities65,340 170 (22)65,488 — 65,488 
Certificate of deposits17,086 — — 17,086 17,086 — 
Commercial paper56,273 — — 56,273 — 56,273 
Corporate bonds251,671 432 (299)251,804 — 251,804 
U.S. government agency bonds13,200 — (9)13,191 — 13,191 
U.S. government bonds65,881 13 (79)65,815 65,815 — 
Total short-term investments469,451 615 (409)469,657 82,901 386,756 
Total$581,367 $615 $(409)$581,573 $146,616 $434,957 
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)During the years ended December 31, 2024, 2023, and 2022 we sold cash equivalent investments for proceeds of $29.8 million, $47.0 million and $29.6 million, respectively, and realized no gain or loss on such sales.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of December 31, 2024:
Amortized CostFair Value
Within 1 year$493,164 $493,511 
After 1 year through 5 years158,482 158,514 
Asset- and mortgage-backed securities74,415 73,529 
Total$726,061 $725,554