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Cash Equivalents and Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Cash Equivalents and Marketable Securities [Abstract] |
Cash Equivalents and Marketable Securities | 4. Cash Equivalents and Marketable Securities The following tables summarize the cash equivalents and marketable securities, which are classified as available-for-sale as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 22,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,106 |
U.S. treasury securities |  |  | 9,985 |  |  |  | — |  |  |  | — |  |  |  | 9,985 |
U.S. government agency securities |  |  | 5,994 |  |  |  | — |  |  |  | — |  |  |  | 5,994 |
Commercial papers |  |  | 50,919 |  |  |  | — |  |  |  | (7 | ) |  |  | 50,912 |
Total cash equivalents |  |  | 89,004 |  |  |  | — |  |  |  | (7 | ) |  |  | 88,997 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 199,445 |  |  |  | 186 |  |  |  | (5 | ) |  |  | 199,626 |
U.S. government agency securities |  |  | 20,588 |  |  |  | 12 |  |  |  | — |  |  |  | 20,600 |
Commercial papers |  |  | 16,987 |  |  |  | 1 |  |  |  | — |  |  |  | 16,988 |
Corporate debt securities |  |  | 20,668 |  |  |  | 20 |  |  |  | — |  |  |  | 20,688 |
Total marketable securities, current |  |  | 257,688 |  |  |  | 219 |  |  |  | (5 | ) |  |  | 257,902 |
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 80,409 |  |  |  | 29 |  |  |  | (26 | ) |  |  | 80,412 |
Corporate debt securities |  |  | 47,952 |  |  |  | 2 |  |  |  | (32 | ) |  |  | 47,922 |
U.S. government agency securities |  |  | 23,424 |  |  |  | 15 |  |  |  | (10 | ) |  |  | 23,429 |
Total marketable securities, long-term |  |  | 151,785 |  |  |  | 46 |  |  |  | (68 | ) |  |  | 151,763 |
Total cash equivalents and marketable securities |  | $ | 498,477 |  |  | $ | 265 |  |  | $ | (80 | ) |  | $ | 498,662 |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 6,350 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,350 |
U.S. treasury securities |  |  | 19,656 |  |  |  | 4 |  |  |  | — |  |  |  | 19,660 |
U.S. government agency securities |  |  | 3,988 |  |  |  | — |  |  |  | — |  |  |  | 3,988 |
Commercial papers |  |  | 22,180 |  |  |  | — |  |  |  | (3 | ) |  |  | 22,177 |
Total cash equivalents |  |  | 52,174 |  |  |  | 4 |  |  |  | (3 | ) |  |  | 52,175 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 190,748 |  |  |  | 55 |  |  |  | (11 | ) |  |  | 190,792 |
U.S. government agency securities |  |  | 12,967 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 12,966 |
Commercial papers |  |  | 34,808 |  |  |  | 3 |  |  |  | — |  |  |  | 34,811 |
Corporate debt securities |  |  | 75,537 |  |  |  | 7 |  |  |  | (40 | ) |  |  | 75,504 |
Total marketable securities, current |  |  | 314,060 |  |  |  | 66 |  |  |  | (53 | ) |  |  | 314,073 |
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 13,639 |  |  |  | — |  |  |  | (32 | ) |  |  | 13,607 |
U.S. government agency securities |  |  | 4,485 |  |  |  | — |  |  |  | (23 | ) |  |  | 4,462 |
Total marketable securities, long-term |  |  | 18,124 |  |  |  | — |  |  |  | (55 | ) |  |  | 18,069 |
Total cash equivalents and marketable securities |  | $ | 384,358 |  |  | $ | 70 |  |  | $ | (111 | ) |  | $ | 384,317 |
The following table summarizes the available-for-sale securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position, for which an allowance for credit losses was not recorded as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | 47,435 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | 47,435 |  |  | $ | (7 | )
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 40,679 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 40,679 |  |  |  | (5 | )
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 44,290 |  |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | 44,290 |  |  |  | (26 | )
Corporate debt securities |  |  | 39,462 |  |  |  | (32 | ) |  |  | — |  |  |  | — |  |  |  | 39,462 |  |  |  | (32 | )
U.S. government agency securities |  |  | 11,415 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 11,415 |  |  |  | (10 | )
Total |  | $ | 183,281 |  |  | $ | (80 | ) |  | $ | — |  |  | $ | — |  |  | $ | 183,281 |  |  | $ | (80 | )
|  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | 18,199 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 18,199 |  |  | $ | (3 | )
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 49,904 |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | 49,904 |  |  |  | (11 | )
U.S. government agency securities |  |  | 4,713 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 4,713 |  |  |  | (2 | )
Corporate debt securities |  |  | 39,468 |  |  |  | (40 | ) |  |  | — |  |  |  | — |  |  |  | 39,468 |  |  |  | (40 | )
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 13,607 |  |  |  | (32 | ) |  |  | — |  |  |  | — |  |  |  | 13,607 |  |  |  | (32 | )
U.S. government agency securities |  |  | 4,462 |  |  |  | (23 | ) |  |  | — |  |  |  | — |  |  |  | 4,462 |  |  |  | (23 | )
Total |  | $ | 130,353 |  |  | $ | (111 | ) |  | $ | — |  |  | $ | — |  |  | $ | 130,353 |  |  | $ | (111 | )
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 it is not more likely than not that the Company will be required to sell the securities before recovery of the unamortized cost basis, which may be at maturity. There were no material realized gains or realized losses on marketable securities for the periods presented. 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 September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, the Company did not record an allowance for credit losses. The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Due in one year or less |  | $ | 257,902 |  |  | $ | 314,073 |
Due in 1-2 years |  |  | 151,763 |  |  |  | 18,069 |
Total |  | $ | 409,665 |  |  | $ | 332,142 |

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized 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
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