v3.25.2
Cash Equivalents and Marketable Securities
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalent, and Marketable Security Cash Equivalents and Marketable Securities
The following is a summary of the Company's investment portfolio as of June 30, 2025 and December 31, 2024 (in thousands):
As of June 30, 2025
Gross UnrealizedEstimated
CostGainsLossesFair Value
Cash equivalents:
Money market funds$86,354 $— $— $86,354 
Available-for-sale securities:
Debt securities issued by U.S. government agencies100,905 207 — 101,112 
Corporate debt securities100,742 186 — 100,928 
Commercial paper7,887 1 — 7,888 
Other debt securities79,300 1 — 79,301 
Total cash equivalents and marketable securities$375,188 $395 $— $375,583 

As of December 31, 2024
Gross UnrealizedEstimated
CostGainsLossesFair Value
Cash equivalents:
Money market funds$128,652 $— $— $128,652 
Debt securities issued by U.S. government agencies15,953 2 — 15,955 
Available-for-sale securities:
Debt securities issued by U.S. government agencies128,215 475 — 128,690 
Corporate debt securities107,695 157 — 107,852 
Commercial paper8,775 19 — 8,794 
Other debt securities8,819 1 — 8,820 
Total cash equivalents and marketable securities$398,109 $654 $— $398,763 
As of June 30, 2025, the Company had 21 securities with a total fair market value of $72.0 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of
its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized.
Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):
June 30, 2025December 31, 2024
Within one year$143,860 $177,195 
After one year through five years145,369 76,961 
Total$289,229 $254,156 
Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three and six months ended June 30, 2025 and 2024.