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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type

The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):

 

 

December 31, 2024

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

U.S. Treasury notes

 

$

245,584

 

 

$

319

 

 

$

—

 

 

$

245,903

 

Government sponsored enterprise securities

 

 

190,452

 

 

 

157

 

 

 

(108

)

 

 

190,501

 

 

 

$

436,036

 

 

$

476

 

 

$

(108

)

 

$

436,404

 

 

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

U.S. Treasury notes

 

$

75,315

 

 

$

47

 

 

$

(28

)

 

$

75,334

 

Government sponsored enterprise securities

 

 

174,867

 

 

 

119

 

 

 

(112

)

 

 

174,874

 

 

 

$

250,182

 

 

$

166

 

 

$

(140

)

 

$

250,208

 
Summary of Contract Maturity of The Available-For-Sale Securities The following table summarizes the contract maturity of the available-for-sale securities we held as of December 31, 2024:

One year or less

 

 

79

%

After one year but within two years

 

 

21

%

Total

 

 

100

%
Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of December 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):

 

 

Less Than 12 Months

 

 

12 Months or Greater

 

 

Total

 

 

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government sponsored enterprise securities

 

$

84,390

 

 

$

(108

)

 

$

—

 

 

$

—

 

 

$

84,390

 

 

$

(108

)

 

Total

 

$

84,390

 

 

$

(108

)

 

$

—

 

 

$

—

 

 

$

84,390

 

 

$

(108

)

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury notes

 

$

41,366

 

 

$

(28

)

 

$

—

 

 

$

—

 

 

$

41,366

 

 

$

(28

)

 

Government sponsored enterprise securities

 

 

108,587

 

 

 

(112

)

 

 

—

 

 

 

—

 

 

 

108,587

 

 

 

(112

)

 

Total

 

$

149,953

 

 

$

(140

)

 

$

—

 

 

$

—

 

 

$

149,953

 

 

$

(140

)