Marketable Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

All marketable securities were considered available-for-sale at June 30, 2025 and December 31, 2024. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs as discussed in Note 2, "Fair Value Measurements". The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date are summarized in the tables below (in thousands):


	June 30, 2025
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	719,188	$	1,014	$	(71)	$	720,131

Corporate debt securities	37,498		116		—		37,614

Total short-term marketable securities	756,686		1,130		(71)		757,745
Long-term marketable securities:
U.S. government treasuries	66,664		188		—		66,852

Corporate debt securities	11,568		43		—		11,611
Total long-term marketable securities	78,232		231		—		78,463
Total	$	834,918	$	1,361	$	(71)	$	836,208


	December 31, 2024
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	627,809	$	1,618	$	(27)	$	629,400

Corporate debt securities	21,337		62		—		21,399
Commercial paper	6,572		—		—		6,572
Total short-term marketable securities	655,718		1,680		(27)		657,371
Long-term marketable securities:
U.S. government treasuries	334,300		788		(196)		334,892

Corporate debt securities	24,354		127		—		24,481
Total long-term marketable securities	358,654		915		(196)		359,373
Total	$	1,014,372	$	2,595	$	(223)	$	1,016,744

As of June 30, 2025 and December 31, 2024, some of the Company's marketable securities were in an unrealized loss position. The Company has not recognized an allowance for credit losses as of June 30, 2025 or December 31, 2024. The Company determined that it had the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. Further, a majority of these marketable securities are held in U.S. government securities, and the remainder were initially, and continue to be, held with investment grade, high credit quality institutions. All marketable securities with unrealized losses as of each balance sheet date have been in a loss position for less than twelve months or the loss is not material.

As of June 30, 2025, all of the Company’s marketable securities have an effective maturity of less than two years.