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Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Marketable Investments
The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from December 31, 2024. The Company’s marketable investments as of December 31, 2024 and 2023 were as follows (in thousands):
December 31, 2024
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$802 $— $— $802 
U.S. treasury securities442,353 442 (223)442,572 
U.S. agency and government-sponsored securities146,762 16 (18)146,760 
Commercial paper9,600 8 — 9,608 
Corporate bonds43,550 124 (6)43,668 
Total$643,067 $590 $(247)$643,410 
December 31, 2023
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$1,463 $— $— $1,463 
U.S. treasury securities315,608 191 (362)315,437 
U.S. agency and government-sponsored securities239,358 78 (177)239,259 
Commercial paper17,382 9 — 17,391 
Municipal bonds927 1 — 928 
Corporate bonds12,630 4 (16)12,618 
Total$587,368 $283 $(555)$587,096 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Less than 12 monthsLess than 12 months
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
U.S. treasury securities$(223)$104,716 $(362)$79,644 
U.S. agency and government-sponsored securities(18)76,484 (177)165,493 
Corporate bonds(6)4,219 (16)7,550 
Total$(247)$185,419 $(555)$252,687 
Schedule of Assets Carried at Fair Value
The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of December 31, 2024 were as follows (in thousands):
CostFair Value
Due within one year$439,465 $439,899 
Due after one year through two years203,602 203,511 
Total$643,067 $643,410 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
December 31, 2024
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$114,370 $— $— $114,370 
Certificates of deposit— 496 — 496 
U.S. treasury securities42,946 — — 42,946 
U.S. agency and government-sponsored securities— 41,832 — 41,832 
Commercial paper— — — — 
Total cash equivalents$157,316 $42,328 $— $199,644 
Marketable investments
Certificates of deposit$— $802 $— $802 
U.S. treasury securities442,572 — — 442,572 
U.S. agency and government-sponsored securities — 146,760 — 146,760 
Commercial paper— 9,608 — 9,608 
Corporate bonds— 43,668 — 43,668 
Total marketable investments$442,572 $200,838 $— $643,410 
December 31, 2023
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$66,661 $— $— $66,661 
Certificates of deposit— 493 — 493 
U.S. treasury securities4,983 — — 4,983 
Commercial paper— 1,498 — 1,498 
Total cash equivalents$71,644 $1,991 $— $73,635 
Marketable investments
Certificates of deposit$— $1,463 $— $1,463 
U.S. treasury securities315,437 — — 315,437 
U.S. agency and government-sponsored securities— 239,259 — 239,259 
Commercial paper— 17,391 — 17,391 
Municipal bonds— 928 — 928 
Corporate bonds— 12,618 — 12,618 
Total marketable investments$315,437 $271,659 $— $587,096