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Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Estimated Fair Value of Cash Equivalents and Marketable Securities and the Gross Unrealized Gains and Losses | The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):
| March 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 46,800 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,800 |
Total cash equivalents | $ | 46,800 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,800 |
Marketable securities: |  |  |  |  |  |  |
Commercial paper | $ | 147,448 |  |  | $ | 26 |  |  | $ | (24) |  |  | $ | 147,450 |
Corporate bonds | 72,618 |  |  | 49 |  |  | (20) |  |  | 72,647 |
U.S. government treasury securities | 222,942 |  |  | 638 |  |  | (80) |  |  | 223,500 |
U.S. government agency securities | 72,673 |  |  | 94 |  |  | (37) |  |  | 72,730 |
Total marketable securities | $ | 515,681 |  |  | $ | 807 |  |  | $ | (161) |  |  | $ | 516,327 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 65,902 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,902 |
Commercial paper | 21,832 |  |  | 6 |  |  | — |  |  | 21,838 |
Total cash equivalents | $ | 87,734 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 87,740 |
Marketable securities: |  |  |  |  |  |  |
Commercial paper | $ | 143,265 |  |  | $ | 104 |  |  | $ | (77) |  |  | $ | 143,292 |
Corporate bonds | 56,471 |  |  | 25 |  |  | (48) |  |  | 56,448 |
U.S. government treasury securities | 227,155 |  |  | 385 |  |  | (296) |  |  | 227,244 |
U.S. government agency securities | 86,616 |  |  | 137 |  |  | (72) |  |  | 86,681 |
Total marketable securities | $ | 513,507 |  |  | $ | 651 |  |  | $ | (493) |  |  | $ | 513,665 |
Available-for-Sale Securities in an Unrealized Loss Position | The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:
| March 31, 2025
| Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Commercial paper | $ | 36,057 |  |  | $ | (24) |  |  | $ | — |  |  | $ | — |  |  | $ | 36,057 |  |  | $ | (24) |
Corporate bonds | 13,129 |  |  | (20) |  |  | — |  |  | — |  |  | 13,129 |  |  | (20) |
U.S. government treasury securities | 32,810 |  |  | (80) |  |  | — |  |  | — |  |  | 32,810 |  |  | (80) |
U.S. government agency securities | 23,154 |  |  | (37) |  |  | — |  |  | — |  |  | 23,154 |  |  | (37) |
Total marketable securities | $ | 105,150 |  |  | $ | (161) |  |  | $ | — |  |  | $ | — |  |  | $ | 105,150 |  |  | $ | (161) |
| December 31, 2024
| Less Than 12 Months |  | 12 Months or Longer |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Commercial paper | $ | 67,200 |  |  | $ | (77) |  |  | $ | — |  |  | $ | — |  |  | $ | 67,200 |  |  | $ | (77) |
Corporate bonds | 42,916 |  |  | (48) |  |  | — |  |  | — |  |  | 42,916 |  |  | (48) |
U.S. government treasury securities | 126,588 |  |  | (296) |  |  | — |  |  | — |  |  | 126,588 |  |  | (296) |
U.S. government agency securities | 12,560 |  |  | (72) |  |  |  |  |  |  | 12,560 |  |  | (72) |
Total marketable securities | $ | 249,264 |  |  | $ | (493) |  |  | $ | — |  |  | $ | — |  |  | $ | 249,264 |  |  | $ | (493) |
Contractual Maturities of Marketable Securities at Estimated Fair Value | The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
| March 31, 2025 |  | December 31, 2024
Due in one year or less | $ | 367,106 |  |  | $ | 338,442 |
Due in 1 - 2 years | 149,221 |  |  | 175,223 |
Total marketable securities | $ | 516,327 |  |  | $ | 513,665 |

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