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Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement

4. Fair Value Measurement

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of December 31, 2024 and 2023 (in thousands):

 

 

Fair Value Measurements at

 

 

 

December 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

193,958

 

 

$

193,958

 

 

$

—

 

 

$

—

 

Money market funds

 

 

74,155

 

 

 

74,155

 

 

 

—

 

 

 

—

 

Corporate debt securities

 

 

882

 

 

 

—

 

 

 

882

 

 

 

—

 

Commercial paper

 

 

29,262

 

 

 

—

 

 

 

29,262

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

5,938

 

 

 

—

 

 

 

5,938

 

 

 

—

 

Corporate debt securities

 

 

1,138,105

 

 

 

—

 

 

 

1,138,105

 

 

 

—

 

Certificates of deposit

 

 

52,372

 

 

 

—

 

 

 

52,372

 

 

 

—

 

Government-sponsored enterprise securities

 

 

266,862

 

 

 

—

 

 

 

266,862

 

 

 

—

 

Commercial paper

 

 

127,800

 

 

 

—

 

 

 

127,800

 

 

 

—

 

Corporate equity securities

 

 

14,492

 

 

 

2,391

 

 

 

12,101

 

 

 

—

 

Total

 

$

1,903,826

 

 

$

270,504

 

 

$

1,633,322

 

 

$

—

 

 

 

 

Fair Value Measurements at

 

 

 

December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

197,756

 

 

$

197,756

 

 

$

—

 

 

$

—

 

Money market funds

 

 

185,990

 

 

 

185,990

 

 

 

—

 

 

 

—

 

U.S. Treasury securities

 

 

5,731

 

 

 

—

 

 

 

5,731

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

 

23,008

 

 

 

—

 

 

 

23,008

 

 

 

—

 

Corporate debt securities

 

 

885,358

 

 

 

—

 

 

 

885,358

 

 

 

—

 

Certificates of deposit

 

 

47,282

 

 

 

—

 

 

 

47,282

 

 

 

—

 

Government-sponsored enterprise securities

 

 

195,131

 

 

 

—

 

 

 

195,131

 

 

 

—

 

Commercial paper

 

 

155,409

 

 

 

—

 

 

 

155,409

 

 

 

—

 

Total

 

$

1,695,665

 

 

$

383,746

 

 

$

1,311,919

 

 

$

—

 

Marketable securities classified as Level 1 within the valuation hierarchy consist of corporate equity securities with quoted prices in active markets. Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. Treasury securities and government agency securities, corporate bonds, commercial paper and warrants to purchase common shares of publicly

traded companies. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources.