| Summary of Cash, Cash Equivalents and Available-for-Sale Securities |
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 | | | $ | — | | | $ | — | | | | Subtotal | 308,770 | | | — | | | — | | | 308,770 | | | 308,770 | | | — | | | — | | | | Level 2: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial paper | 10,213 | | | 7 | | | — | | | 10,220 | | | — | | | 10,219 | | | — | | | | Corporate bonds | 228,713 | | | 516 | | | (94) | | | 229,135 | | | — | | | 124,423 | | | 104,713 | | | | U.S. government agency securities | 216,939 | | | 343 | | | (89) | | | 217,193 | | | — | | | 173,434 | | | 43,759 | | | | Subtotal | 455,865 | | | 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 | | | $ | — | | | $ | — | | | | Subtotal | 344,865 | | | — | | | — | | | 344,865 | | | 344,865 | | | — | | | — | | | | Level 2: | | | | | | | | | | | | | | | | Commercial paper | 15,373 | | | 4 | | | (8) | | | 15,369 | | | — | | | 15,369 | | | — | | | | Corporate bonds | 177,771 | | | 423 | | | (225) | | | 177,969 | | | — | | | 86,693 | | | 91,276 | | | | U.S. government agency securities | 211,283 | | | 318 | | | (173) | | | 211,428 | | | — | | | 150,590 | | | 60,838 | | | | Subtotal | 404,427 | | | 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.
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