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Marketable Securities
 12 Months Ended
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, 2024Maturity
(in years)		Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair Value
U.S. Treasury securities1 or less$947,916 $2,154 $(80)$949,990 
Negotiable certificates of deposit1 or less490 — — 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, 2023Maturity
(in years)		Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Estimated
Fair Value
U.S. Treasury securities1 or less$301,053 $102 $(530)$300,625 
U.S. Government agency securities1 or less5,000 — (2)4,998 
Negotiable certificates of deposit1 or less4,410 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 securities4,998 (2)— — 4,998 (2)
Negotiable certificates of deposit3,665 (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.