Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable securities were classified as available-for-sale as of March 31, 2025 and December 31, 2024, comprised of (in thousands):


	March 31, 2025			December 31, 2024
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Treasury securities		$	184,544	$	581	$	—	$	185,125	$	184,438	$	116	$	—	$	184,554
Corporate debt securities		282,968		48		—		283,016		208,410		—		(76)		208,334
Total marketable securities		$	467,512	$	629	$	—	$	468,141	$	392,848	$	116	$	(76)	$	392,888

As of March 31, 2025, investments in marketable securities were comprised of $185.1 million of treasury securities, of which $64.0 million mature in 2025 and $121.1 million mature in 2026, and $283.0 million of corporate debt securities, of which $273.6 million mature in 2025 and $9.4 million mature in 2026. As of December 31, 2024, investments in marketable securities comprised of $184.6 million of treasury securities, of which $23.0 million mature in 2025 and $161.5 million mature in 2026, and $208.3 million of corporate debt securities, of which $195.2 million mature in 2025 and $13.1 million mature in 2026. Marketable securities are classified as Current assets in the Consolidated balance sheet of the Company as of March 31, 2025, and December 31, 2024. Based on the Company’s policy under the expected credit loss model, including an assessment of the investment portfolio as of March 31, 2025 and December 31, 2024, the Company concluded that any unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses has not been recorded. As of March 31, 2025 and December 31, 2024, the Company held no securities that were in an unrealized loss position for more than 12 months.