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Marketable Securities (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Marketable Securities | The Company’s marketable securities, which consist of highly liquid marketable debt securities, are classified as available-for-sale and are stated at fair value. The following tables summarize the Company’s marketable securities (in thousands):
As of December 31, 2024 | Maturity (in years) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
U.S. Treasury securities | 1 or less |  | $ | 947,916 |  |  | $ | 2,154 |  |  | $ | (80) |  |  | $ | 949,990 |
Negotiable certificates of deposit | 1 or less |  | 490 |  |  | — |  |  | — |  |  | 490 |
U.S. Treasury securities | 1 - 2 |  | 330,321 |  |  | 1,218 |  |  | (390) |  |  | 331,149 |
Total |  |  | $ | 1,278,727 |  |  | $ | 3,372 |  |  | $ | (470) |  |  | $ | 1,281,629 |
As of December 31, 2023 | Maturity (in years) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value
U.S. Treasury securities | 1 or less |  | $ | 301,053 |  |  | $ | 102 |  |  | $ | (530) |  |  | $ | 300,625 |
U.S. Government agency securities | 1 or less |  | 5,000 |  |  | — |  |  | (2) |  |  | 4,998 |
Negotiable certificates of deposit | 1 or less |  | 4,410 |  |  | 1 |  |  | (4) |  |  | 4,407 |
U.S. Treasury securities | 1 - 2 |  | 98,701 |  |  | 600 |  |  | (36) |  |  | 99,265 |
Negotiable certificates of deposit | 1 - 2 |  | 980 |  |  | — |  |  | (6) |  |  | 974 |
Total |  |  | $ | 410,144 |  |  | $ | 703 |  |  | $ | (578) |  |  | $ | 410,269 |
Schedule of Available-for-sale Securities in an Unrealized Loss Position | The following table summarizes marketable securities in a continuous unrealized loss position for which an allowance for credit losses was not recorded (in thousands):
| Less Than 12 Months |  | 12 Months or Greater |  | Total
As of December 31, 2024 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | $ | 247,404 |  |  | $ | (470) |  |  | $ | — |  |  | $ | — |  |  | $ | 247,404 |  |  | $ | (470) |
Total | $ | 247,404 |  |  | $ | (470) |  |  | $ | — |  |  | $ | — |  |  | $ | 247,404 |  |  | $ | (470) |
| Less Than 12 Months |  | 12 Months or Greater |  | Total
As of December 31, 2023 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | $ | 214,291 |  |  | $ | (566) |  |  | $ | — |  |  | $ | — |  |  | $ | 214,291 |  |  | $ | (566) |
U.S. Government agency securities | 4,998 |  |  | (2) |  |  | — |  |  | — |  |  | 4,998 |  |  | (2) |
Negotiable certificates of deposit | 3,665 |  |  | (10) |  |  | — |  |  | — |  |  | 3,665 |  |  | (10) |
Total | $ | 222,954 |  |  | $ | (578) |  |  | $ | — |  |  | $ | — |  |  | $ | 222,954 |  |  | $ | (578) |

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