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Investments | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments The fair value and amortized cost of investments in short-term marketable debt securities by major security type as of March 31, 2025 and December 31, 2024 are as follows:
(in thousands) |  | March 31, 2025
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Eurocommercial Papers |  | $ | 205,913 |  |  | $ | 2,651 |  |  | $ | — |  |  | $ | 208,564 |
Total |  | $ | 205,913 |  | $ | 2,651 |  | $ | — |  | $ | 208,564
Of which classified within short-term marketable debt securities |  | 205,913 |  |  | 2,651 |  |  | — |  |  | 208,564 |
(in thousands) |  | December 31, 2024
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
Eurocommercial Papers |  | $ | 204,572 |  |  | $ | 3,129 |  |  | $ | — |  |  | $ | 207,701 |
Certificates of Deposit |  | 117,305 |  |  | 2,278 |  |  | — |  |  | 119,583 |
Total |  | $ | 321,877 |  | $ | 5,407 |  | $ | — |  | $ | 327,284
Of which classified within cash and cash equivalents |  | 59,311 |  |  | 372 |  |  | — |  |  | 59,683 |
Of which classified within short-term marketable debt securities |  | 262,566 |  |  | 5,035 |  |  | — |  |  | 267,601 |
The following table presents the changes in fair values of the Company’s short-term marketable debt securities, classified as Level 2 financial assets, and recognized in accumulated other comprehensive income as of March 31, 2025 and December 31, 2024:
(in thousands) |
Beginning balance, January 1, 2025 | $ | 5,407 |
Other comprehensive income before reclassifications | 2,913 |
Amounts reclassified from accumulated other comprehensive income | (5,669) |
Ending balance, March 31, 2025 | $ | 2,651
(in thousands) |
Beginning balance, January 1, 2024 | $ | 2,721 |
Other comprehensive income before reclassifications | 3,748 |
Amounts reclassified from accumulated other comprehensive income | (3,566) |
Ending balance, March 31, 2024 | $ | 2,903
As of March 31, 2025, the Company’s marketable debt securities maturities are all due within one year.

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