| Cash Equivalents and Marketable Securities |
Cash Equivalents and Marketable Securities The fair value and amortized cost of cash equivalents and fixed income marketable securities by major security type are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | Amortized Cost | | Gross
Unrealized
Gains | | Gross Unrealized Losses | | Fair Value | | Money market funds | $ | 69,315 | | | $ | — | | | $ | — | | | $ | 69,315 | | | U.S. Treasury securities | 176,444 | | | 155 | | | (19) | | | 176,580 | | | U.S. government agency securities | 26,294 | | | 21 | | | (1) | | | 26,314 | | | Corporate debt securities | 35,895 | | | 7 | | | (5) | | | 35,897 | | Total cash equivalents and fixed income marketable securities | $ | 307,948 | | | $ | 183 | | | $ | (25) | | | $ | 308,106 | |
| | | | | | | Classified as: | Fair Value | | Cash equivalents | $ | 98,312 | | | Marketable securities | 180,845 | | | Marketable securities, non-current | 28,949 | | Total cash equivalents and fixed income marketable securities | $ | 308,106 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Gross
Unrealized
Gains | | Gross Unrealized Losses | | Fair Value | | Money market funds | $ | 73,975 | | | $ | — | | | $ | — | | | $ | 73,975 | | | U.S. Treasury securities | 226,049 | | | 262 | | | (40) | | | 226,271 | | | U.S. government agency securities | 36,765 | | | 51 | | | (1) | | | 36,815 | | | Corporate debt securities | 21,473 | | | 20 | | | (1) | | | 21,492 | | Total cash equivalents and fixed income marketable securities | $ | 358,262 | | | $ | 333 | | | $ | (42) | | | $ | 358,553 | |
| | | | | | | Classified as: | Fair Value | | Cash equivalents | $ | 80,639 | | | Marketable securities | 264,900 | | | Marketable securities, non-current | 13,014 | | Total cash equivalents and fixed income marketable securities | $ | 358,553 | |
The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for less than 12 months were $82.8 million and $31.7 million as of March 31, 2025 and December 31, 2024, respectively. The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for greater than 12 months were zero as of both March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, all of the Company’s money market and fixed income marketable securities had a maturity date of two years or less, were available for use and were classified as available‑for‑sale. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. The Company determined that there was no material change in the credit risk of the above investments as of both March 31, 2025 and December 31, 2024. As such, an allowance for credit losses has not been recognized. Gross realized gains and losses were de minimis for the three months ended March 31, 2025 and 2024 and as a result, amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2025 and 2024 were also de minimis. See Note 7, Fair Value Measurements, for additional information regarding cash equivalents and fixed income marketable securities.
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