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Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Fair Value Measurements
The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of September 30, 2025 (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Level 1:
Cash$162,478 $— $— $162,478 $162,478 $— 
Money market mutual funds32,182 — — 32,182 32,182 — 
U.S. treasury securities85,880 38 — 85,918 4,492 81,426 
Subtotal280,540 38 — 280,578 199,152 81,426 
Level 2:
Commercial paper57,833 — — 57,833 12,657 45,176 
Certificates of deposit114 — — 114 — 114 
Corporate notes and obligations54,082 11 (5)54,088 — 54,088 
Asset-backed securities18,334 23 — 18,357 — 18,357 
Subtotal130,363 34 (5)130,392 12,657 117,735 
Total cash, cash equivalents, and marketable securities$410,903 $72 $(5)$410,970 $211,809 $199,161 
As of December 31, 2024, the Company’s financial assets consisted of the following (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Level 1:
Cash$176,987 $— $— $176,987 $176,987 $— 
Money market mutual funds18,721 — — 18,721 18,721 — 
U.S. treasury securities149,555 73 — 149,628 — 149,628 
Subtotal345,263 73 — 345,336 195,708 149,628 
Level 2:
Commercial paper11,688 — — 11,688 1,337 10,351 
Certificates of deposit3,987 — — 3,987 — 3,987 
Corporate notes and obligations135,302 17 (40)135,279 21,387 113,892 
Asset-backed securities9,585 6 — 9,591 — 9,591 
Subtotal160,562 23 (40)160,545 22,724 137,821 
Total cash, cash equivalents, and marketable securities$505,825 $96 $(40)$505,881 $218,432 $287,449 
The Company’s money market mutual funds and treasury securities are measured at fair value using quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. The fair values of the Company’s Level 2 commercial paper and certificates of deposit are determined using quoted prices in markets that are not active or using model-driven valuations employing significant inputs derived from observable market data. The fair values of the Company’s Level 2 corporate notes and obligations and asset-backed securities are determined using an evaluated price based on a compilation of reported market information, such as benchmark yield curves, credit spreads and estimated default rates.
The carrying amounts of the Company’s remaining financial instruments not discussed in the above table, including accounts receivable and accounts payable, approximate fair value because of their short-term maturities, except for the Company’s senior unsecured notes due 2030 (the “Notes”) which are valued on a quarterly basis for disclosure purposes only based on quoted prices for the Notes in less active markets and categorized accordingly as Level 2 in the fair value hierarchy. The aggregate fair value of the Notes was estimated to be approximately $441.4 million as of September 30, 2025 and approximately $496.4 million as of December 31, 2024.
Equity Securities
The Company’s investments in equity securities consist primarily of money market mutual funds. During the three and nine months ended September 30, 2025 and 2024, the Company recorded no unrealized gains or losses in connection with its money market mutual funds held as of September 30, 2025.
Available-for-sale Debt Securities
The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of September 30, 2025 (in thousands):
Due within 1 year$197,348 
Due after 1 year through 5 years18,962 
Total available-for-sale debt securities$216,310 
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of September 30, 2025 (in thousands):
Fair ValueGross Unrealized Losses
Corporate notes and obligations20,654 (5)
Total available-for-sale debt securities$20,654 $(5)
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2024 (in thousands):
Fair ValueGross Unrealized Losses
Corporate notes and obligations74,872 (40)
Total available-for-sale debt securities$74,872 $(40)
The Company had no available-for-sale debt securities in a continuous unrealized loss position for more than 12 months as of September 30, 2025 or December 31, 2024.
The Company did not recognize any credit losses for its available-for-sale debt securities during the three and nine months ended September 30, 2025 and 2024. The Company had no ending allowance balances for credit losses as of September 30, 2025 or December 31, 2024.
During the three months ended September 30, 2025, the Company had no sales of its available-for-sale debt securities. During the nine months ended September 30, 2025, the Company recorded $1.0 million in proceeds related to sales of its available-for-sale securities. The Company recorded no material gross realized gains or gross realized losses in its condensed consolidated statements of operations as a result of those sales. During the three and nine months ended September 30, 2024, the Company had no sales of its available-for-sale debt securities.