v3.25.1
Fair Value Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Instruments Fair Value Instruments
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of March 31, 2025 and December 31, 2024:
 March 31, 2025
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:       
Cash and cash equivalents$308,770 $— $— $308,770 $308,770 $— $— 
Subtotal308,770 — — 308,770 308,770 — — 
Level 2:
Commercial paper10,213 7 — 10,220 — 10,219 — 
Corporate bonds228,713 516 (94)229,135 — 124,423 104,713 
U.S. government agency securities216,939 343 (89)217,193 — 173,434 43,759 
Subtotal455,865 866 (183)456,548 — 308,076 148,472 
Total$764,635 $866 $(183)$765,318 $308,770 $308,076 $148,472 
(1)The Company’s short-term marketable securities mature in one year or less.
(2)The Company’s long-term marketable securities mature between one and two years.
 December 31, 2024
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:       
Cash and cash equivalents$344,865 $— $— $344,865 $344,865 $— $— 
Subtotal344,865 — — 344,865 344,865 — — 
Level 2:
Commercial paper15,373 4 (8)15,369 — 15,369 — 
Corporate bonds177,771 423 (225)177,969 — 86,693 91,276 
U.S. government agency securities211,283 318 (173)211,428 — 150,590 60,838 
Subtotal404,427 745 (406)404,766 — 252,652 152,114 
Total$749,292 $745 $(406)$749,631 $344,865 $252,652 $152,114 
(1)The Company’s short-term marketable securities mature in one year or less.
(2)The Company’s long-term marketable securities mature between one and two years.