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Marketable Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following are summaries of the Company's marketable securities at March 31, 2025 and December 31, 2024 (in thousands).
|  | As of March 31, 2025
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government agency securities and treasuries |  | $ | 94,341 |  |  | $ | 83 |  |  | $ | (19) |  |  | $ | 94,405 |
Corporate debt securities |  | 44,438 |  |  | 69 |  |  | (4) |  |  | 44,503 |
Total securities with a maturity of one year or less |  | $ | 138,779 |  |  | $ | 152 |  |  | $ | (23) |  |  | $ | 138,908 |
U.S. government agency securities and treasuries |  | 170,568 |  |  | 419 |  |  | (111) |  |  | 170,876 |
Corporate debt securities |  | 4,894 |  |  | — |  |  | — |  |  | 4,894 |
Total securities with a maturity of more than one year |  | $ | 175,462 |  |  | $ | 419 |  |  | $ | (111) |  |  | $ | 175,770 |
Total available-for-sale securities |  | $ | 314,241 |  |  | $ | 571 |  |  | $ | (134) |  |  | $ | 314,678 |
|  | As of December 31, 2024
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government agency securities and treasuries |  | $ | 148,673 |  |  | $ | 196 |  |  | $ | (1) |  |  | $ | 148,868 |
Corporate debt securities |  | 58,210 |  |  | 118 |  |  | (16) |  |  | 58,312 |
Total securities with a maturity of one year or less |  | $ | 206,883 |  |  | $ | 314 |  |  | $ | (17) |  |  | $ | 207,180 |
U.S. government agency securities and treasuries |  | 105,145 |  |  | 19 |  |  | (404) |  |  | 104,760 |
Corporate debt securities |  | 6,801 |  |  | 46 |  |  | — |  |  | 6,847 |
Total securities with a maturity of more than one year |  | $ | 111,946 |  |  | $ | 65 |  |  | $ | (404) |  |  | $ | 111,607 |
Total available-for-sale securities |  | $ | 318,829 |  |  | $ | 379 |  |  | $ | (421) |  |  | $ | 318,787 |
As of March 31, 2025, the Company had 10 marketable securities with a total fair market value of $67.2 million in an unrealized loss position. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs and therefore classifies all securities as available for sale. The Company believes that any unrealized losses associated with the decline in value of its securities are temporary and believes that it is more likely than not that it will be able to hold its debt securities to maturity and that there was no material change in the credit risk of the above instruments since January 1, 2025. Therefore, the Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and no allowance for credit losses was recognized. As of March 31, 2025 and December 31, 2024, $2.5 million and $1.8 million, respectively, of accrued interest receivable was included in prepaid expenses and other current assets.

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