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.