The following tables summarize the fair value and amortized cost of the Company’s available-for-sale securities by major security type including gross unrealized gains and losses and credit losses as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
	(in thousands)
Assets:
U.S. government securities	$	17,917	$	3	$	(4	)	$	—	$	17,916
U.S. corporate bonds		253,296		174		(56	)		—		253,414
International corporate bonds		51,911		42		(22	)		—		51,931
U.S. commercial paper		19,824		—		—			—		19,824
International commercial paper		28,358		—		—			—		28,358
U.S. certificates of deposit		2,097		—		—			—		2,097
U.S. municipal securities		5,085		5		—			—		5,090
	$	378,488	$	224	$	(82	)	$	—	$	378,630


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Credit Losses		Fair Value
	(in thousands)
Assets:
U.S. government securities	$	36,444	$	18	$	(5	)	$	—	$	36,457
U.S. corporate bonds		268,841		305		(133	)		—		269,013
International corporate bonds		52,411		65		(15	)		—		52,461
U.S. commercial paper		30,373		—		—			—		30,373
International commercial paper		24,144		—		—			—		24,144
U.S. certificates of deposit		900		—		—			—		900
U.S. municipal securities		10,040		9		—			—		10,049
	$	423,153	$	397	$	(153	)	$	—	$	423,397

As of March 31, 2025 and December 31, 2024, the Company had $2.7 million and $3.4 million, respectively, of accrued interest receivable relating to the Company’s available-for-sale securities, which is included within prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets.

No accrued interest receivable was written off during the three months ended March 31, 2025 and 2024. Realized gains or losses were immaterial for the three months ended March 31, 2025 and 2024.

The following tables summarize the fair value and the unrealized losses of the Company’s marketable securities that have been in a loss position for either less than twelve months or greater than twelve months as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Less than 12 months					Greater than 12 months				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. government securities	$	8,194	$	(4	)	$	—	$	—	$	8,194	$	(4	)
U.S. corporate bonds		75,160		(56	)		4,218		—		79,378		(56	)
International corporate bonds		19,488		(22	)		—		—		19,488		(22	)
	$	102,842	$	(82	)	$	4,218	$	—	$	107,060	$	(82	)


	December 31, 2024
	Less than 12 months					Greater than 12 months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in thousands)
U.S. government securities	$	11,032	$	(5	)	$	—	$	—		$	11,032	$	(5	)
U.S. corporate bonds		83,946		(129	)		10,197		(4	)		94,143		(133	)
International corporate bonds		7,312		(15	)		—		—			7,312		(15	)
	$	102,290	$	(149	)	$	10,197	$	(4	)	$	112,487	$	(153	)

As of March 31, 2025 and December 31, 2024, the unrealized losses on the Company’s investments in U.S. government securities, U.S. corporate bonds, and international corporate bonds were caused by interest rate increases. The Company purchased those investments at a premium relative to their face amount. The current credit ratings are all within the guidelines of the investment policy of the Company and the Company does not expect the issuers to settle any security at a price less than the amortized cost basis of the investment. As of March 31, 2025, the Company does not intend to sell those investments, and it is not probable that the Company will be required to sell the investments before recovery of their amortized cost basis.

As of March 31, 2025, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for U.S. corporate bonds and international corporate bonds with a fair value of $40.0 million and maturities of one to two years.

As of December 31, 2024, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for U.S. corporate bonds and international corporate bonds with a fair value of $30.7 million and maturities of one to two years.

All marketable securities, including those with remaining contractual maturities of more than one year, are classified as current assets on the balance sheet because they are considered to be “available-for-sale” and the Company can convert them into cash to fund current operations.

There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2025 and the year ended December 31, 2024.