Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of September 30, 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:


	September 30, 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	$	104,623	$	—	$	—	$	104,623	$	—	$	104,623


Money market funds	781,489		—		—		781,489		781,489		—



U.S. government bonds	13,946		—		—		13,946		13,946		—

Total cash equivalents (2)	900,058		—		—		900,058		795,435		104,623

Short-term investments
Asset-backed securities	69,830		176		(11)		69,995		—		69,995
Certificate of deposits	17,359		—		—		17,359		17,359		—
Commercial paper	43,429		—		—		43,429		—		43,429
Corporate bonds	335,150		850		(59)		335,941		—		335,941
Foreign government bonds	3,074		—		(1)		3,073		—		3,073
Mortgage-backed securities	913		2		—		915		—		915
Municipal bonds	1,017		5		—		1,022		—		1,022
U.S. government agency bonds	7,138		—		(4)		7,134		—		7,134
U.S. government bonds	131,712		247		(70)		131,889		131,889		—

Total short-term investments	609,622		1,280		(145)		610,757		149,248		461,509
Total	$	1,509,680	$	1,280	$	(145)	$	1,510,815	$	944,683	$	566,132


	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 nine months ended September 30, 2025 and 2024, we sold cash equivalent investments for proceeds of $20.4 million and $18.1 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 September 30, 2025:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	1,239,037	$	1,239,475
After 1 year through 5 years	199,900		200,430


Asset- and mortgage-backed securities	70,743		70,910
Total	$	1,509,680	$	1,510,815

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 September 30, 2025, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $3.9 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.