Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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.