Marketable Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable securities were classified as available-for-sale as of June 30, 2025 and December 31, 2024, comprised of (in thousands):


	June 30, 2025			December 31, 2024
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Treasury securities		$	184,650	$	489	$	—	$	185,139	$	184,438	$	116	$	—	$	184,554
Corporate debt securities		173,420		1		—		173,421		208,410		—		(76)		208,334
Total marketable securities		$	358,070	$	490	$	—	$	358,560	$	392,848	$	116	$	(76)	$	392,888

As of June 30, 2025, investments in marketable securities were comprised of $185.1 million of treasury securities, of which 23.0 million mature in 2025 and $162.1 million mature in 2026, and $173.4 million of corporate debt securities, of which $160.2 million mature in 2025 and $13.2 million mature in 2026. As of December 31, 2024, investments in marketable securities comprised of $184.6 million of treasury securities, of which $23.0 million mature in 2025 and $161.5 million mature in 2026, and $208.3 million of corporate debt securities, of which $195.2 million mature in 2025 and $13.1 million mature in 2026. Marketable securities are classified as Current assets in the Consolidated balance sheet of the Company as of June 30, 2025 and December 31, 2024. During the three and six months ended June 30, 2025, the Company recognized interest income of $7.0 million and $15.1 million, respectively, from its investments in securities. During the three and six months ended June 30, 2024, the Company recognized interest income of $9.0 million and $15.6 million, respectively, from its investments in securities. This income is included within Other income on the consolidated statements of operations. Based on the Company’s policy under the expected credit loss model, including an assessment of the investment portfolio as of June 30, 2025 and December 31, 2024, the Company concluded that any unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses has not been recorded. As of June 30, 2025, the Company does not have the intent to sell its available-for-sale investments with an unrealized loss position, and it is more likely than not that the Company will not be required to sell these investments before their anticipated recovery of amortized cost bases, which may be at maturity. As of June 30, 2025 and December 31, 2024, the Company held no securities that were in an unrealized loss position for more than 12 months.