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Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Marketable Securities Held

The following table summarizes the Company’s marketable securities held at September 30, 2025 (in thousands):

 

 

Amortized Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair Value

 

Commercial paper

 

$

329,074

 

 

$

118

 

 

$

(11

)

 

$

329,181

 

Corporate notes

 

 

156,651

 

 

 

126

 

 

 

(13

)

 

 

156,764

 

U.S. Treasury securities

 

 

283,717

 

 

 

569

 

 

 

(8

)

 

 

284,278

 

U.S. Government securities

 

 

27,868

 

 

 

11

 

 

 

(2

)

 

 

27,877

 

Corporate equity securities

 

 

8,910

 

 

 

—

 

 

 

—

 

 

 

8,910

 

Total

 

$

806,220

 

 

$

824

 

 

$

(34

)

 

$

807,010

 

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