v3.25.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy of Financial Assets and Liabilities
The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis:
March 31, 2025
Level 1Level 2Fair Value
(in thousands)
Money market funds$508 $— $508 
Commercial paper— 1,992 1,992 
U.S. Treasury and government agencies— 254,985 254,985 
Corporate bonds— 140,742 140,742 
Asset-backed securities— 5,640 5,640 
Foreign currency forward contracts— 555 555 
Total assets$508 $403,914 $404,422 
Foreign currency forward contracts$— $2,173 $2,173 
Total liabilities$— $2,173 $2,173 
December 31, 2024
Level 1Level 2Fair Value
(in thousands)
Money market funds$404 $— $404 
Commercial paper— 6,443 6,443 
U.S. Treasury and government agencies— 233,279 233,279 
Corporate bonds— 131,812 131,812 
Asset-backed securities— 7,520 7,520 
Foreign currency forward contracts— 2,575 2,575 
Total assets$404 $381,629 $382,033 
Foreign currency forward contracts$— $1,339 $1,339 
Total liabilities$— $1,339 $1,339 
Schedule of Cash Equivalents and Marketable Securities
The Company's cash equivalents and marketable securities consist of the following:
March 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Cash equivalents: (1)
Money market funds$508 $— $— $508 
U.S. Treasury and government agencies54,166 — (3)54,163 
Total54,674 — (3)54,671 
Short-term marketable securities:    
Commercial paper1,993 — (1)1,992 
Corporate bonds53,383 94 (10)53,467 
U.S. Treasury and government agencies94,584 186 (23)94,747 
Total149,960 280 (34)150,206 
Long-term marketable securities:
Corporate bonds86,860 461 (46)87,275 
Asset-backed securities5,575 65 — 5,640 
U.S. Treasury and government agencies105,906 235 (66)106,075 
Total198,341 761 (112)198,990 
Total$402,975 $1,041 $(149)$403,867 
(1)Excludes cash of $236.0 million.
December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Cash equivalents: (2)
Money market funds$404 $— $— $404 
Commercial paper1,983 — — 1,983 
U.S. Treasury and government agencies33,939 4 — 33,943 
Total36,326 4 — 36,330 
Short-term marketable securities:
Commercial paper4,459 3 (2)4,460 
Corporate bonds47,155 107 (3)47,259 
U.S. Treasury and government agencies97,338 207 (23)97,522 
Total148,952 317 (28)149,241 
Long-term marketable securities:
Corporate bonds84,414 310 (171)84,553 
Asset-backed securities7,426 94 — 7,520 
U.S. Treasury and government agencies101,834 178 (198)101,814 
Total193,674 582 (369)193,887 
Total$378,952 $903 $(397)$379,458 
(2)Excludes cash of $195.9 million.
Schedule of Gross Unrealized Losses and Fair Value of Marketable Securities in an Unrealized Loss Position
The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time:
March 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in thousands)
Commercial paper$1,992 $(1)$— $— $1,992 $(1)
Corporate bonds26,613 (56)— — 26,613 (56)
U.S. Treasury and government agencies112,453 (92)— — 112,453 (92)
Total$141,058 $(149)$— $— $141,058 $(149)
December 31, 2024
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in thousands)
Commercial paper$4,464 $(2)$— $— $4,464 $(2)
Corporate bonds27,154 (171)672 (3)27,826 (174)
U.S. Treasury and government agencies64,517 (221)— — 64,517 (221)
Total$96,135 $(394)$672 $(3)$96,807 $(397)
Schedule of the Fair Value of Marketable Securities by Contractual Maturity
The following summarizes the fair value of marketable securities by contractual maturity:
March 31, 2025
Amortized CostFair Value
(in thousands)
Due within One Year$204,634 $204,877 
Due after One Year through Five Years192,766 193,350 
Asset-backed securities5,575 5,640 
Total$402,975 $403,867 
Schedule of Derivative Instruments
The following summarizes the fair value of derivative financial instruments as of March 31, 2025 and December 31, 2024:
March 31,
2025		December 31,
2024
(in thousands)
Assets
Foreign currency forward contracts designated as cash flow hedge$549 $2,495 
Foreign currency forward contracts not designated as hedging instruments6 80 
Total$555 $2,575 
Liabilities
Foreign currency forward contracts designated as cash flow hedge$2,034 $1,315 
Foreign currency forward contracts not designated as hedging instruments139 24 
Total$2,173 $1,339 
Schedule of Gains (Losses) Recognized from Forward Contracts and Other Foreign Currency Transactions in Other Income (Expense)
The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations:
Three Months Ended
March 31,
20252024
(in thousands)
Net gains (losses) from non-designated forward contracts$(1,617)$512 
Other foreign currency transactions gains (losses)1,877 (1,941)
Total foreign exchange gains (losses), net$260 $(1,429)