
	June 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	308,108	$	—	$	—	$	308,108
U.S. treasury securities	46,104		—		(1)		46,103
U.S. government agency securities	11,738		—		(1)		11,737
Commercial paper	52,980		—		—		52,980
Total cash equivalents	418,930		—		(2)		418,928
Debt securities:
U.S. treasury securities	192,126		220		(47)		192,299
U.S. government agency securities	102,914		61		(28)		102,947
Corporate debt securities	47,228		57		(24)		47,261
Commercial paper	8,169		—		—		8,169
Certificates of deposit	89,550		—		—		89,550
Total debt securities	439,987		338		(99)		440,226
Total cash equivalents and debt securities	$	858,917	$	338	$	(101)	$	859,154


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	507,655	$	—	$	—	$	507,655



Total cash equivalents	507,655		—		—		507,655
Debt securities:
U.S. treasury securities	215,773		612		(17)		216,368
U.S. government agency securities	144,474		321		(12)		144,783
Corporate debt securities	45,682		101		(21)		45,762
Commercial paper	16,388		—		—		16,388
Certificates of deposit	26,449		—		—		26,449
Total debt securities	448,766		1,034		(50)		449,750
Total cash equivalents and debt securities	$	956,421	$	1,034	$	(50)	$	957,405

The following table presents gross unrealized losses and fair values for the securities that were in a continuous unrealized loss position as of the periods presented below (in thousands):


	June 30, 2025
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	80,632	$	(47)	$	—	$	—	$	80,632	$	(47)
U.S. government agency securities	42,306		(28)		—		—		42,306		(28)
Corporate debt securities	24,361		(24)		—		—		24,361		(24)
Total	$	147,299	$	(99)	$	—	$	—	$	147,299	$	(99)


	December 31, 2024
	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury securities	$	13,819	$	(16)	$	4,993	$	(1)	$	18,812	$	(17)
U.S. government agency securities	8,197		(7)		9,995		(5)		18,192		(12)
Corporate debt securities	7,998		(19)		5,982		(2)		13,980		(21)
Total	$	30,014	$	(42)	$	20,970	$	(8)	$	50,984	$	(50)

The amortized cost and fair value of the available-for-sale debt securities based on contractual maturities are as follows (in thousands):


	June 30, 2025
	Amortized Cost		Fair Value
Due within one year	$	387,115	$	387,382
Due after one year but within five years	52,872		52,844
Total	$	439,987	$	440,226