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Marketable Securities (Tables)
3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Marketable Securities Held

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