Investment Securities and Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Financial Instruments Measured at Fair Value on a Recurring Basis |
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2025 and December 31, 2024:
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June 30, 2025 |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Money market funds |
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$ |
171,909 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
171,909 |
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U.S. government agency bonds |
|
|
— |
|
|
|
52,940 |
|
|
|
— |
|
|
|
52,940 |
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U.S. treasury bonds |
|
|
309,425 |
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|
|
— |
|
|
|
— |
|
|
|
309,425 |
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Corporate debt securities |
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— |
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|
|
19,859 |
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|
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— |
|
|
|
19,859 |
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Totals |
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$ |
481,334 |
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|
$ |
72,799 |
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|
$ |
— |
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|
$ |
554,133 |
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December 31, 2024 |
|
(in thousands) |
|
Level 1 |
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Level 2 |
|
|
Level 3 |
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Total |
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Money market funds |
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$ |
116,694 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
116,694 |
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U.S. government agency bonds |
|
— |
|
|
|
47,994 |
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|
|
— |
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|
47,994 |
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U.S. treasury bonds |
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|
375,138 |
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|
— |
|
|
|
— |
|
|
|
375,138 |
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Corporate debt securities |
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— |
|
|
|
89,739 |
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|
|
— |
|
|
|
89,739 |
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Totals |
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$ |
491,832 |
|
|
$ |
137,733 |
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|
$ |
— |
|
|
$ |
629,565 |
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| Summary of Amortized Cost, Fair Value, and Unrealized Losses by Type of Security |
The following table presents the amortized cost, fair value, and unrealized gains and losses by major security type, for the fixed income securities held by the Company:
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June 30, 2025 |
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(in thousands) |
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Amortized cost |
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Gross unrealized gains |
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Gross unrealized losses |
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Fair value |
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U.S. government agency bonds |
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$ |
52,912 |
|
|
$ |
57 |
|
|
$ |
(29 |
) |
|
$ |
52,940 |
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U.S. treasury bonds |
|
|
309,125 |
|
|
|
450 |
|
|
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(150 |
) |
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|
309,425 |
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Corporate debt securities |
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|
19,832 |
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|
27 |
|
|
|
- |
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|
|
19,859 |
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Totals |
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$ |
381,869 |
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|
$ |
534 |
|
|
$ |
(179 |
) |
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$ |
382,224 |
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December 31, 2024 |
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(in thousands) |
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Amortized cost |
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|
Gross unrealized gains |
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|
Gross unrealized losses |
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|
Fair value |
|
U.S. government agency bonds |
|
$ |
47,959 |
|
|
$ |
91 |
|
|
$ |
(56 |
) |
|
$ |
47,994 |
|
U.S. treasury bonds |
|
|
374,883 |
|
|
|
585 |
|
|
|
(330 |
) |
|
|
375,138 |
|
Corporate debt securities |
|
|
89,624 |
|
|
|
119 |
|
|
|
(4 |
) |
|
|
89,739 |
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Totals |
|
$ |
512,466 |
|
|
$ |
795 |
|
|
$ |
(390 |
) |
|
$ |
512,871 |
|
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| Schedule of Investments Classified by Contractual Maturity Date |
The following table presents the amortized cost and fair value of the Company's fixed income securities by maturity grouping as of June 30, 2025.
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June 30, 2025 |
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(in thousands) |
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Amortized cost |
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Fair value |
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Due in one year or less |
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$ |
307,394 |
|
|
$ |
307,610 |
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Due after one year through five years |
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|
74,475 |
|
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|
74,614 |
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Due after five years through ten years |
|
|
— |
|
|
|
— |
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Due after ten years |
|
|
— |
|
|
|
— |
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Total |
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$ |
381,869 |
|
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$ |
382,224 |
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December 31, 2024 |
|
(in thousands) |
|
Amortized cost |
|
|
Fair value |
|
Due in one year or less |
|
$ |
352,070 |
|
|
$ |
352,517 |
|
Due after one year through five years |
|
|
160,396 |
|
|
|
160,354 |
|
Due after five years through ten years |
|
|
— |
|
|
|
— |
|
Due after ten years |
|
|
— |
|
|
|
— |
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Total |
|
$ |
512,466 |
|
|
$ |
512,871 |
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