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v3.25.3

Short-Term Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
Summary of Marketable Securities | Marketable securities consist of the following:
|  | September 30, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Commercial paper |  | $ | 7,919 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 7,920 |
Corporate debt securities |  |  | 253,225 |  |  |  | 490 |  |  |  | (36 | ) |  |  | 253,679 |
Municipal securities |  |  | 15,718 |  |  |  | 37 |  |  |  | — |  |  |  | 15,755 |
Government and agency debt |  |  | 158,753 |  |  |  | 130 |  |  |  | (32 | ) |  |  | 158,851 |
Total marketable securities |  | $ | 435,615 |  |  | $ | 658 |  |  | $ | (68 | ) |  | $ | 436,205 |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
|  | (in thousands) |
Certificates of deposit |  | $ | 250 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 251 |
Commercial paper |  |  | 7,342 |  |  |  | 5 |  |  |  | (5 | ) |  |  | 7,342 |
Corporate debt securities |  |  | 161,231 |  |  |  | 187 |  |  |  | (122 | ) |  |  | 161,296 |
Municipal securities |  |  | 17,392 |  |  |  | 22 |  |  |  | — |  |  |  | 17,414 |
Government and agency debt |  |  | 180,361 |  |  |  | 172 |  |  |  | (221 | ) |  |  | 180,312 |
Total marketable securities |  | $ | 366,576 |  |  | $ | 387 |  |  | $ | (348 | ) |  | $ | 366,615 |
Summary of Company's Marketable Securities by Contractual Maturities | The following table summarizes the Company’s marketable securities by contractual maturities:
|  | September 30, 2025 |
|  | (in thousands) |
Due in 1 year or less |  | $ | 260,690 |
Due in 1 year through 2 years |  |  | 175,515 |
Total |  | $ | 436,205 |
Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities | The following tables present fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time:
|  | September 30, 2025 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | (in thousands) |
Corporate debt securities |  | $ | 42,507 |  |  | $ | (35 | ) |  | $ | 1,276 |  |  | $ | (1 | ) |  | $ | 43,783 |  |  | $ | (36 | )
Government and agency debt |  |  | 56,326 |  |  |  | (29 | ) |  |  | 7,136 |  |  |  | (3 | ) |  |  | 63,462 |  |  |  | (32 | )
Total |  | $ | 98,833 |  |  | $ | (64 | ) |  | $ | 8,412 |  |  | $ | (4 | ) |  | $ | 107,245 |  |  | $ | (68 | )
|  | December 31, 2024 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
|  | (in thousands) |
Commercial paper |  | $ | 2,884 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,884 |  |  | $ | (5 | )
Corporate debt securities |  |  | 50,856 |  |  |  | (121 | ) |  |  | 2,007 |  |  |  | (1 | ) |  |  | 52,863 |  |  |  | (122 | )
Government and agency debt |  |  | 72,746 |  |  |  | (221 | ) |  |  | — |  |  |  | — |  |  |  | 72,746 |  |  |  | (221 | )
Total |  | $ | 126,486 |  |  | $ | (347 | ) |  | $ | 2,007 |  |  | $ | (1 | ) |  | $ | 128,493 |  |  | $ | (348 | )

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