Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of March 31, 2025 are available to fund current operations and are recorded at fair value (Note 14).

The following table summarizes our cash equivalents and available-for-sale debt investments:


	March 31, 2025
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents


Commercial paper	$	72,022	$	—	$	—	$	72,022	$	—	$	72,022
Corporate bonds	814		—		—		814		—		814

Money market funds	127,544		—		—		127,544		127,544		—



U.S. government bonds	14,466		—		(1)		14,465		14,465		—

Total cash equivalents (2)	214,846		—		(1)		214,845		142,009		72,836

Short-term investments
Asset-backed securities	63,449		123		(69)		63,503		—		63,503
Certificate of deposits	18,393		—		—		18,393		18,393		—
Commercial paper	30,513		—		—		30,513		—		30,513
Corporate bonds	243,022		471		(63)		243,430		—		243,430
Foreign government bonds	1,589		—		(1)		1,588		—		1,588
Mortgage-backed securities	10,971		3		(16)		10,958		—		10,958
Municipal bonds	1,020		1		—		1,021		—		1,021
U.S. government agency bonds	10,097		1		(2)		10,096		—		10,096
U.S. government bonds	120,962		239		(57)		121,144		121,144		—

Total short-term investments	500,016		838		(208)		500,646		139,537		361,109
Total	$	714,862	$	838	$	(209)	$	715,491	$	281,546	$	433,945


	December 31, 2024
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents


Commercial paper	$	53,110	$	—	$	—	$	53,110	$	—	$	53,110
Corporate bonds	755		—		—		755		—		755
Money market funds	146,679		—		—		146,679		146,679		—



U.S. government bonds	16,450		4		—		16,454		16,454		—
Total cash equivalents	216,994		4		—		216,998		163,133		53,865

Short-term investments
Asset-backed securities	63,256		168		(1,038)		62,386		—		62,386
Certificate of deposits	15,121		—		—		15,121		15,121		—
Commercial paper	36,829		—		—		36,829		—		36,829
Corporate bonds	258,191		567		(101)		258,657		—		258,657
Foreign government bonds	1,590		—		—		1,590		—		1,590
Mortgage-backed securities	11,159		2		(18)		11,143		—		11,143
Municipal bonds	1,007		2		—		1,009		—		1,009
U.S. government agency bonds	11,392		—		(25)		11,367		—		11,367
U.S. government bonds	110,522		102		(170)		110,454		110,454		—

Total short-term investments	509,067		841		(1,352)		508,556		125,575		382,981
Total	$	726,061	$	845	$	(1,352)	$	725,554	$	288,708	$	436,846

(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)For three months ended March 31, 2025 and 2024, we sold cash equivalent investments for proceeds of $2.0 million and $5.8 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 March 31, 2025:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	496,761	$	497,131
After 1 year through 5 years	143,681		143,899


Asset- and mortgage-backed securities	74,420		74,461
Total	$	714,862	$	715,491

Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.

As of March 31, 2025, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.5 million. As of December 31, 2024, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.4 million.