The following table summarizes the Company’s cash and available-for-sale securities’ amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents, restricted cash short-term, restricted cash, or available-for-sale securities as of June 30, 2025 and December 31, 2024.


(in thousands)									Reported as:
June 30, 2025	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash & Cash Equivalents		Available-for-sale Securities		Restricted Cash (Current and Non-Current)
Cash	$	37,075	$	—	$	—	$	37,075	$	30,227	$	—	$	6,848
Level I:
Money market funds	1,216,292		—		—		1,216,292		1,216,292		—
Level II:
Corporate bonds	727,465		1,573		(91)		728,947		—		728,947
U.S. treasury securities	1,643,147		2,284		(210)		1,645,221		109,212		1,536,009
U.S. government agency securities	96,015		8		(50)		95,973		—		95,973
Commercial paper	243,060		—		—		243,060		162,877		80,183
Subtotal	2,709,687		3,865		(351)		2,713,201		272,089		2,441,112		—
Total assets measured at fair value on a recurring basis	$	3,963,054	$	3,865	$	(351)	$	3,966,568	$	1,518,608	$	2,441,112	$	6,848


(in thousands)									Reported as:
December 31, 2024	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash & Cash Equivalents		Available-for-sale Securities		Restricted Cash (Current and Non-Current)
Cash	$	51,410	$	—	$	—	$	51,410	$	44,887	$	—	$	6,523
Level I:
Money market funds	102,804		—		—		102,804		102,804		—		—
Level II:
Corporate bonds	466,769		1,125		(316)		467,578		—		467,578		—
U.S. treasury securities	1,120,478		2,403		(677)		1,122,204		—		1,122,204		—
U.S. government agency securities	69,872		55		(19)		69,908		—		69,908		—
Commercial paper	48,538		—		—		48,538		—		48,538		—
Subtotal	1,705,657		3,583		(1,012)		1,708,228		—		1,708,228		—
Total assets measured at fair value on a recurring basis	$	1,859,871	$	3,583	$	(1,012)	$	1,862,442	$	147,691	$	1,708,228	$	6,523