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Marketable Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 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 |
The unrealized losses on the Company’s marketable securities were caused by interest rate increases and resulted in the decrease in market value of these securities. There were no allowances for credit losses at December 31, 2024 and 2023 because (i) the decline in fair value is attributable to changes in interest rates and not credit quality, (ii) the Company does not intend to sell the investments before maturity, and (iii) it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. 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) |
Accrued interest receivable on available-for-sale securities was $8.7 million and $2.6 million at December 31, 2024 and 2023, respectively. We have not written off any accrued interest receivable in any of the periods presented in these consolidated financial statements.

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