The Company's marketable debt securities as of June 30, 2025 and December 31, 2024 were composed of available-for-sale commercial paper and corporate and government debt securities. The primary objective of the Company’s investment portfolio is to preserve capital and liquidity while enhancing overall returns. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.


	June 30, 2025		December 31, 2024
Marketable debt securities:
Commercial paper	$	96,281	$	73,325
Corporate debt securities	138,095		203,816
Securities of government sponsored entities	10,007		35,025
Total available-for-sale marketable debt securities	$	244,383	$	312,166


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	96,315	$	—	$	(34)	$	96,281
Corporate debt securities	Less than 1	138,005		126		(36)		138,095
Securities of government-sponsored entities	Less than 1	10,009		—		(2)		10,007




Total available-for-sale marketable debt securities		$	244,329	$	126	$	(72)	$	244,383


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	73,410	$	1	$	(86)	$	73,325
Corporate debt securities	Less than 1	203,395		483		(62)		203,816
Securities of government-sponsored entities	Less than 1	34,993		33		(1)		35,025




Total available-for-sale marketable debt securities		$	311,798	$	517	$	(149)	$	312,166

For the three and six months ended June 30, 2025 and 2024, realized gains and losses on marketable debt securities were immaterial. As of June 30, 2025 and December 31, 2024, the accrued interest receivable related to the Company's marketable debt securities was $1.5 million and $2.3 million, respectively, and was recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets.

The Company reviews the available-for-sale marketable debt securities for declines in fair value below the cost basis each quarter. For any security whose fair value is below its amortized cost basis, the Company first evaluates whether it intends to sell the impaired security, or will otherwise be more likely than not required to sell the security before recovery. If either are true, the amortized cost basis of the security is written down to its fair value at the reporting date. If neither circumstance holds true, the Company assesses whether any portion of the unrealized loss is a result of a credit loss. Any amount deemed to be attributable to credit loss is recognized in the income statement, with the amount of the loss limited to the difference between fair value and amortized cost and recorded as an allowance for credit losses. The portion of the unrealized loss related to factors other than credit losses is recognized in other comprehensive income (loss).


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	96,281	$	34	$	—	$	—	$	96,281	$	34
Corporate debt securities	50,805		36		—		—		50,805		36
Securities of government-sponsored entities	10,007		2		—		—		10,007		2
Total	$	157,093	$	72	$	—	$	—	$	157,093	$	72


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	68,446	$	86	$	—	$	—	$	68,446	$	86
Corporate debt securities	40,112		56		9,969		6		50,081		62
Securities of government-sponsored entities	—		—		4,975		1		4,975		1
Total	$	108,558	$	142	$	14,944	$	7	$	123,502	$	149

As of June 30, 2025 and December 31, 2024, the amortized cost of the available-for-sale marketable debt securities in an unrealized loss position was $157.2 million and $123.7 million, respectively.

As of June 30, 2025 and December 31, 2024, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The decrease in unrealized losses for the six months ended June 30, 2025 was primarily due to fluctuations in short-term interest rates. The Company does not believe the unrealized losses incurred during the period are due to credit-related factors. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and our expectation is that those payments will continue to be received timely. Factors unknown to us at this time may cause actual results to differ and require adjustments to the Company’s estimates and assumptions in the future.