XML 37 R12.htm IDEA: XBRL DOCUMENT
v3.25.1

Cash Equivalents and Marketable Securities | 3 Months Ended
--- | ---
Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities 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 |
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) |
The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. As of March 31, 2025 and December 31, 2024, an allowance for credit losses had not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of March 31, 2025 and December 31, 2024. The financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash deposits. Accounts at each of our two U.S. banking institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. As of March 31, 2025 and December 31, 2024, cash deposits at the Company's U.S. banking institutions exceeded the FDIC limits. There were no realized gains or losses on marketable securities for the three months ended March 31, 2025 and 2024. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities as of March 31, 2025 and December 31, 2024, was $3.4 million and is reflected in Prepaid expenses and other current assets. 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 |
The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.

X
- References No definition available. + Details
Name: | us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
Name: | us-gaap_CashCashEquivalentsAndMarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration