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Marketable Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 5. Marketable securities The following table summarizes the Company’s marketable securities held at March 31, 2025 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Commercial paper |  | $ | 303,367 |  |  | $ | 60 |  |  | $ | (115 | ) |  | $ | 303,312 |
Corporate notes |  |  | 149,774 |  |  |  | 82 |  |  |  | (30 | ) |  |  | 149,826 |
U.S. Treasury securities |  |  | 170,746 |  |  |  | 125 |  |  |  | (4 | ) |  |  | 170,867 |
U.S. Government securities |  |  | 62,298 |  |  |  | 72 |  |  |  | (30 | ) |  |  | 62,340 |
Corporate equity securities |  |  | 5,700 |  |  |  | — |  |  |  | — |  |  |  | 5,700 |
Total |  | $ | 691,885 |  |  | $ | 339 |  |  | $ | (179 | ) |  | $ | 692,045 |
The following table summarizes the Company’s marketable securities held at December 31, 2024 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Commercial paper |  | $ | 181,095 |  |  | $ | 210 |  |  | $ | (9 | ) |  | $ | 181,296 |
Corporate notes |  |  | 100,175 |  |  |  | 103 |  |  |  | (113 | ) |  |  | 100,165 |
U.S. Treasury securities |  |  | 164,491 |  |  |  | 289 |  |  |  | (10 | ) |  |  | 164,770 |
U.S. Government securities |  |  | 114,552 |  |  |  | 235 |  |  |  | (26 | ) |  |  | 114,761 |
Corporate equity securities |  |  | 7,781 |  |  |  | — |  |  |  | — |  |  |  | 7,781 |
Total |  | $ | 568,094 |  |  | $ | 837 |  |  | $ | (158 | ) |  | $ | 568,773 |
The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. At March 31, 2025, the balance in accumulated other comprehensive (loss) income was related to marketable securities. There were no realized gains or losses recognized on the sale or maturity of marketable securities for the three months ended March 31, 2025 and 2024 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive (loss) income for the same periods. The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities.

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