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Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025. The Company’s short-term
marketable investments as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
June 30, 2025
Short-Term Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$816 $— $— $816 
U.S. treasury securities217,055 135 (53)217,137 
U.S. agency and government-sponsored securities184,880 26 (175)184,731 
Commercial paper5,701 2 — 5,703 
Municipal bonds900 — — 900 
Corporate bonds21,042 68 — 21,110 
Total$430,394 $231 $(228)$430,397 
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)$643,410 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025December 31, 2024
Less than 12 monthsLess than 12 months
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
U.S. treasury securities$(53)$112,141 $(223)$104,716 
U.S. agency and government-sponsored securities(175)98,667 (18)76,484 
Corporate bonds— — (6)4,219 
Total$(228)$210,808 $(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 June 30, 2025 were as follows (in thousands):
CostFair Value
Due within one year$195,141 $195,156 
Due after one year through two years235,253 235,241 
Total$430,394 $430,397 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
June 30, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$37,579 $— $— $37,579 
Total cash equivalents$37,579 $— $— $37,579 
Marketable investments
Certificates of deposit$— $816 $— $816 
U.S. treasury securities217,137 — — 217,137 
U.S. agency and government sponsored securities— 184,731 — 184,731 
Commercial paper— 5,703 — 5,703 
Municipal bonds— 900 — 900 
Corporate bonds— 21,110 — 21,110 
Total marketable investments$217,137 $213,260 $— $430,397 
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