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Marketable Securities (Tables)

12 Months Ended

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)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

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Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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