v3.25.2
Cash Equivalents and Marketable Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
As of June 30, 2025, cash equivalents and marketable securities consisted of the following (in thousands):
Amortized Cost
Unrealized Gains
Unrealized Losses
Aggregate Fair Value
Money market funds$165,852 $— $— $165,852 
Commercial paper6,508 — — 6,508 
U.S. treasury debt securities276,869 481 (108)277,242 
U.S. government agency debt securities75,315 51 (43)75,323 
Corporate debt securities180,021 386 (51)180,356 
$704,565 $918 $(202)$705,281 
Included in cash and cash equivalents$175,825 $— $— $175,825 
Included in marketable securities$528,740 $918 $(202)$529,456 
At December 31, 2024, cash equivalents and marketable securities consisted of the following (in thousands):
Amortized Cost
Unrealized Gains
Unrealized Losses
Aggregate Fair Value
Money market funds$137,201 $— $— $137,201 
Commercial paper2,059 — — 2,059 
U.S. treasury debt securities263,064 403 (240)263,227 
U.S. government agency debt securities80,891 170 (39)81,022 
Corporate debt securities178,619 340 (107)178,852 
$661,834 $913 $(386)$662,361 
Included in cash and cash equivalents$147,774 $2 $— $147,776 
Included in marketable securities$514,060 $911 $(386)$514,585 

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):
As of June 30, 2025
Due within one year$327,076 
Due in one to two years202,380 
$529,456 
The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of June 30, 2025, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
As of June 30, 2025
Less than 12 months
12 months or greater
Fair Value
Unrealized Loss
Fair Value
Unrealized Loss
U.S. treasury debt securities$93,167 $(108)$— $— 
U.S. government agency debt securities37,351 (43)— — 
Corporate debt securities39,521 (51)— — 
Total$170,039 $(202)$— $— 
We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of June 30, 2025, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.