Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available for Sale Securities

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