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Fair Value Measurement and Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured and Recognized at Fair Value

As of December 31, 2024, financial assets measured and recorded at fair value are as follows (in thousands):

 

 

 

 

December 31, 2024

 

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

Level 2

 

$

552,008

 

 

$

1,214

 

 

$

(353

)

 

$

552,869

 

Corporate bonds

 

Level 2

 

 

363,197

 

 

 

357

 

 

 

(419

)

 

 

363,135

 

Commercial paper

 

Level 2

 

 

89,109

 

 

 

21

 

 

 

(8

)

 

 

89,122

 

Subtotal

 

 

 

 

1,004,314

 

 

 

1,592

 

 

 

(780

)

 

 

1,005,126

 

Money market funds

 

Level 1

 

 

57,626

 

 

 

—

 

 

 

—

 

 

 

57,626

 

Cash

 

 

 

 

19,399

 

 

 

—

 

 

 

—

 

 

 

19,399

 

Total value of assets

 

 

 

$

1,081,339

 

 

$

1,592

 

 

$

(780

)

 

$

1,082,151

 

Included in cash and cash equivalents(1)

 

 

 

 

84,379

 

 

 

—

 

 

 

(1

)

 

 

84,378

 

Included in marketable securities, current(2)

 

 

 

 

591,089

 

 

 

928

 

 

 

(76

)

 

 

591,941

 

Included in marketable securities, non-current(3)

 

 

 

 

405,871

 

 

 

664

 

 

 

(703

)

 

 

405,832

 

Total value of assets

 

 

 

$

1,081,339

 

 

$

1,592

 

 

$

(780

)

 

$

1,082,151

 

 

(1)
$7.4 million of commercial paper was included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates.
(2)
The Company’s short-term marketable securities mature in one year or less.
(3)
The Company’s long-term marketable securities mature between one and three years.

As of December 31, 2023, financial assets measured and recognized at fair value are as follows (in thousands):

 

 

 

 

December 31, 2023

 

 

 

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

Level 2

 

$

412,679

 

 

$

591

 

 

$

(135

)

 

$

413,135

 

Corporate bonds

 

Level 2

 

 

53,983

 

 

 

197

 

 

 

(32

)

 

 

54,148

 

Commercial paper

 

Level 2

 

 

126,601

 

 

 

—

 

 

 

(58

)

 

 

126,543

 

Subtotal

 

 

 

 

593,263

 

 

 

788

 

 

 

(225

)

 

 

593,826

 

Money market funds

 

Level 1

 

 

38,300

 

 

 

—

 

 

 

—

 

 

 

38,300

 

Cash

 

 

 

 

480

 

 

 

—

 

 

 

—

 

 

 

480

 

Total value of assets

 

 

 

$

632,043

 

 

$

788

 

 

$

(225

)

 

$

632,606

 

Included in cash and cash equivalents(1)

 

 

 

 

157,055

 

 

 

4

 

 

 

(41

)

 

 

157,018

 

Included in marketable securities, current(2)

 

 

 

 

368,043

 

 

 

227

 

 

 

(174

)

 

 

368,096

 

Included in marketable securities, non-current(3)

 

 

 

 

106,945

 

 

 

557

 

 

 

(10

)

 

 

107,492

 

Total value of assets

 

 

 

$

632,043

 

 

$

788

 

 

$

(225

)

 

$

632,606

 

 

(1)
$37.8 million of U.S. government securities and $80.4 million of commercial paper were included in cash and cash equivalents on the balance sheet due to securities with purchase dates within 90 days of maturity dates
(2)
The Company’s short-term marketable securities mature in one year or less.
(3)
The Company’s long-term marketable securities mature between one and three years