Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of June 30, 2025 are available to fund current operations and are recorded at fair value (Note 14).

The following table summarizes our cash equivalents and available-for-sale debt investments:


	June 30, 2025
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents


Commercial paper	$	82,284	$	—	$	—	$	82,284	$	—	$	82,284


Money market funds	584,940		—		—		584,940		584,940		—



U.S. government bonds	8,968		—		—		8,968		8,968		—

Total cash equivalents (2)	676,192		—		—		676,192		593,908		82,284

Short-term investments
Asset-backed securities	60,112		95		(58)		60,149		—		60,149
Certificate of deposits	20,199		—		—		20,199		20,199		—
Commercial paper	27,158		—		—		27,158		—		27,158
Corporate bonds	259,584		532		(49)		260,067		—		260,067
Foreign government bonds	3,165		—		(2)		3,163		—		3,163
Mortgage-backed securities	4,633		1		(4)		4,630		—		4,630
Municipal bonds	1,006		3		—		1,009		—		1,009
U.S. government agency bonds	10,051		—		(6)		10,045		—		10,045
U.S. government bonds	125,850		182		(52)		125,980		125,980		—

Total short-term investments	511,758		813		(171)		512,400		146,179		366,221
Total	$	1,187,950	$	813	$	(171)	$	1,188,592	$	740,087	$	448,505


	December 31, 2024
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents


Commercial paper	$	53,110	$	—	$	—	$	53,110	$	—	$	53,110
Corporate bonds	755		—		—		755		—		755
Money market funds	146,679		—		—		146,679		146,679		—



U.S. government bonds	16,450		4		—		16,454		16,454		—
Total cash equivalents	216,994		4		—		216,998		163,133		53,865

Short-term investments
Asset-backed securities	63,256		168		(1,038)		62,386		—		62,386
Certificate of deposits	15,121		—		—		15,121		15,121		—
Commercial paper	36,829		—		—		36,829		—		36,829
Corporate bonds	258,191		567		(101)		258,657		—		258,657
Foreign government bonds	1,590		—		—		1,590		—		1,590
Mortgage-backed securities	11,159		2		(18)		11,143		—		11,143
Municipal bonds	1,007		2		—		1,009		—		1,009
U.S. government agency bonds	11,392		—		(25)		11,367		—		11,367
U.S. government bonds	110,522		102		(170)		110,454		110,454		—

Total short-term investments	509,067		841		(1,352)		508,556		125,575		382,981
Total	$	726,061	$	845	$	(1,352)	$	725,554	$	288,708	$	436,846

(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.

(2)For six months ended June 30, 2025 and 2024, we sold cash equivalent investments for proceeds of $7.5 million and $16.6 million, respectively, and realized no gain or loss on such sales.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2025:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	953,791	$	954,047
After 1 year through 5 years	169,414		169,766


Asset- and mortgage-backed securities	64,745		64,779
Total	$	1,187,950	$	1,188,592

Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.

As of June 30, 2025, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.0 million. As of December 31, 2024, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.4 million.