| Summary of Cash, Cash Equivalents and Investments |
A summary of cash, cash equivalents and available-for-sale marketable securities held by the Company as of March 31, 2025 and December 31, 2024 is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | Cost | | Unrealized gains | | Unrealized losses | | Fair value | | Cash (Level 1) | $ | 34,902 | | | $ | — | | | $ | — | | | $ | 34,902 | | | Money market funds (Level 1) | 65,543 | | | — | | | — | | | 65,543 | | | | | | | | | | | Corporate debt securities due within 3 months of date of purchase (Level 2) | 88,201 | | | — | | | — | | | 88,201 | | | Total cash and cash equivalents | 188,646 | | | — | | | — | | | 188,646 | | | Marketable securities: | | | | | | | | | Corporate debt securities due within 1 year of date of purchase (Level 2) | 340,305 | | | 51 | | | (35) | | | 340,321 | | | U.S. government and government sponsored entities due within 1 year of date of purchase (Level 2) | 273,004 | | | 244 | | | (43) | | | 273,205 | | | U.S. government and government sponsored entities due within 1 to 2 years of date of purchase (Level 2) | 40,547 | | | 132 | | | — | | | 40,679 | | | Corporate debt securities due within 1 to 2 years of date of purchase (Level 2) | 5,209 | | | 8 | | | — | | | 5,217 | | Total cash, cash equivalents, restricted cash and marketable securities | $ | 847,711 | | | $ | 435 | | | $ | (78) | | | $ | 848,068 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Cost | | Unrealized gains | | Unrealized losses | | Fair value | | Cash and cash equivalents: | | | | | | | | | Cash (Level 1) | $ | 24,495 | | | $ | — | | | $ | — | | | $ | 24,495 | | | Money market funds (Level 1) | 65,302 | | | — | | | — | | | 65,302 | | US government and government sponsored entities (Level 1) | 12,711 | | | — | | | — | | | 12,711 | | Corporate debt securities due within 3 months of date of purchase (Level 2) | 2,511 | | | — | | | — | | | 2,511 | | | Total cash and cash equivalents | 105,019 | | | — | | | — | | | 105,019 | | | Marketable securities: | | | | | | | | | Corporate debt securities due within 1 year of date of purchase (Level 2) | 367,950 | | | 190 | | | (64) | | | 368,076 | | US government and government sponsored entities due within 1 year of date of purchase (Level 2) | 382,793 | | | 279 | | | (62) | | | 383,010 | | | US government and government sponsored entities due within 1 to 2 years of date of purchase (Level 2) | 71,739 | | | 156 | | | (25) | | | 71,870 | | Corporate debt securities due within 1 to 2 years of date of purchase (Level 2) | 3,282 | | | — | | | (6) | | | 3,276 | | | Total cash, cash equivalents, restricted cash and marketable securities | $ | 930,783 | | | $ | 625 | | | $ | (157) | | | $ | 931,251 | |
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