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Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025. The Company’s marketable
investments as of March 31, 2025 and December 31, 2024 were as follows (in thousands):
March 31, 2025
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$922 $— $— $922 
U.S. treasury securities444,833 269 (28)445,074 
U.S. agency and government-sponsored securities179,273 29 (47)179,255 
Commercial paper8,601 10 — 8,611 
Municipal bonds895 — — 895 
Corporate bonds36,514 126 (3)36,637 
Total$671,038 $434 $(78)$671,394 
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)$643,410 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of March 31, 2025 and December 31, 2024 (in thousands):
March 31, 2025December 31, 2024
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
U.S. treasury securities$(28)$185,823 $(223)$104,716 
U.S. agency and government-sponsored securities(47)113,620 (18)76,484 
Corporate bonds(3)6,106 (6)4,219 
Total$(78)$305,549 $(247)$185,419 
Schedule of Assets Carried at Fair Value
The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of March 31, 2025 were as follows (in thousands):
CostFair Value
Due within one year$442,427 $442,667 
Due after one year through two years228,611 228,727 
Total$671,038 $671,394 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
March 31, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$119,296 $— $— $119,296 
Certificates of deposit— 498 — 498 
U.S. treasury securities87,278 — — 87,278 
Municipal bonds— 699 — 699 
Total cash equivalents$206,574 $1,197 $— $207,771 
Marketable investments
Certificates of deposit$— $922 $— $922 
U.S. treasury securities445,074 — — 445,074 
U.S. agency and government sponsored securities— 179,255 — 179,255 
Commercial paper— 8,611 — 8,611 
Municipal bonds— 895 — 895 
Corporate bonds— 36,637 — 36,637 
Total marketable investments$445,074 $226,320 $— $671,394 
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 
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