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Marketable Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 3. Marketable Securities A summary of the Company’s cash equivalents and marketable securities as of December 31, 2024 and 2023, which are recorded at fair value (and excludes $193.9 million and $197.8 million of cash at December 31, 2024 and 2023, respectively) is shown below (in thousands):
December 31, 2024 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 74,155 |  |  | $ | — |  |  | $ | — |  |  | $ | 74,155 |
Corporate debt securities |  |  | 882 |  |  |  | — |  |  |  | — |  |  |  | 882 |
Commercial paper |  |  | 29,271 |  |  |  | — |  |  |  | (9 | ) |  |  | 29,262 |
Total cash equivalents |  |  | 104,308 |  |  |  | — |  |  |  | (9 | ) |  |  | 104,299 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 5,936 |  |  |  | 2 |  |  |  | — |  |  |  | 5,938 |
Corporate debt securities |  |  | 1,136,255 |  |  |  | 3,442 |  |  |  | (1,592 | ) |  |  | 1,138,105 |
Certificates of deposit |  |  | 52,372 |  |  |  | — |  |  |  | — |  |  |  | 52,372 |
Government-sponsored enterprise securities |  |  | 266,877 |  |  |  | 482 |  |  |  | (497 | ) |  |  | 266,862 |
Commercial paper |  |  | 127,805 |  |  |  | 34 |  |  |  | (39 | ) |  |  | 127,800 |
Total marketable debt securities |  |  | 1,589,245 |  |  |  | 3,960 |  |  |  | (2,128 | ) |  |  | 1,591,077 |
Corporate equity securities |  |  | 10,387 |  |  |  | 4,600 |  |  |  | (495 | ) |  |  | 14,492 |
Total marketable securities |  |  | 1,599,632 |  |  |  | 8,560 |  |  |  | (2,623 | ) |  |  | 1,605,569 |
Total cash equivalents and marketable securities |  | $ | 1,703,940 |  |  | $ | 8,560 |  |  | $ | (2,632 | ) |  | $ | 1,709,868 |
December 31, 2023 |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 185,990 |  |  | $ | — |  |  | $ | — |  |  | $ | 185,990 |
U.S. Treasury securities |  |  | 5,731 |  |  |  | — |  |  |  | — |  |  |  | 5,731 |
Total cash equivalents |  |  | 191,721 |  |  |  | — |  |  |  | — |  |  |  | 191,721 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 22,963 |  |  |  | 45 |  |  |  | — |  |  |  | 23,008 |
Corporate debt securities |  |  | 883,550 |  |  |  | 3,367 |  |  |  | (1,559 | ) |  |  | 885,358 |
Certificates of deposit |  |  | 47,282 |  |  |  | — |  |  |  | — |  |  |  | 47,282 |
Government-sponsored enterprise securities |  |  | 195,106 |  |  |  | 377 |  |  |  | (352 | ) |  |  | 195,131 |
Commercial paper |  |  | 155,403 |  |  |  | 32 |  |  |  | (26 | ) |  |  | 155,409 |
Total marketable securities |  |  | 1,304,304 |  |  |  | 3,821 |  |  |  | (1,937 | ) |  |  | 1,306,188 |
Total cash equivalents and marketable securities |  | $ | 1,496,025 |  |  | $ | 3,821 |  |  | $ | (1,937 | ) |  | $ | 1,497,909 |
As of December 31, 2024 marketable debt securities were in a net unrealized gain position of $1.8 million. As of December 31, 2023, marketable debt securities were in a net unrealized gain position of $1.9 million. The Company has recorded a net unrealized loss of $0.1 million for the year ended December 31, 2024, related to its debt securities. The Company recorded a net unrealized gain of $17.5 million during the year ended December 31, 2023, related to its debt securities. These amounts are included in comprehensive loss on the consolidated statements of operations and comprehensive loss. As of December 31, 2024 and 2023, the aggregate fair value of marketable securities that were in an unrealized loss position for less than twelve months was $451.9 million and $463.5 million, respectively. As of December 31, 2024 and 2023, the aggregate fair value of marketable securities that were in an unrealized loss position for more than twelve months was $31.8 million and $138.4 million, respectively. As of December 31, 2024, no securities in an unrealized loss position for more than twelve months will mature beyond one year. As of December 31, 2023, securities in an unrealized loss position for more than twelve months totaling $2.0 million had maturities beyond one year, which is included in marketable securities, non-current, on the consolidated balance sheet. As of December 31, 2024 marketable equity securities were in a net unrealized gain position of $4.1 million. The Company has recorded a net unrealized gain of $4.1 million for the year ended December 31, 2024, related to its equity securities. These amounts are included in comprehensive loss on the consolidated statements of operations and comprehensive loss. The Company determined that there was no material credit risk of the above investments as of December 31, 2024 and 2023. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the years ended December 31, 2024 and 2023. No available-for-sale debt securities held as of December 31, 2024 had remaining maturities greater than thirty months.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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