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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
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):
|  | March 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury notes |  | $ | 279,796 |  |  | $ | 510 |  |  | $ | — |  |  | $ | 280,306 |
Government sponsored enterprise securities |  |  | 183,569 |  |  |  | 65 |  |  |  | (59 | ) |  |  | 183,575 |
|  | $ | 463,365 |  |  | $ | 575 |  |  | $ | (59 | ) |  | $ | 463,881 |
|  | 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 |
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 investment securities that were in an unrealized loss position as of March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that the 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 |  |
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government sponsored enterprise securities |  | $ | 62,197 |  |  | $ | (59 | ) |  | $ | — |  |  | $ | — |  |  | $ | 62,197 |  |  | $ | (59 | ) |
Total |  | $ | 62,197 |  |  | $ | (59 | ) |  | $ | — |  |  | $ | — |  |  | $ | 62,197 |  |  | $ | (59 | ) |
|  | 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 | ) |
Summary of Contract Maturity of The Available-For-Sale Securities | The following table summarizes the contract maturity of the available-for-sale securities:
|  | March 31, 2025 |  |  | December 31, 2024 |
One year or less |  |  | 65 | % |  |  | 79 | %
After one year but within two years |  |  | 35 | % |  |  | 21 | %
Total |  |  | 100 | % |  |  | 100 | %

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