v3.25.3
Fair Value Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Instruments Fair Value Instruments
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of September 30, 2025 and December 31, 2024:

 September 30, 2025
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:       
Cash and cash equivalents$392,604 $— $— $392,604 $392,604 $— $— 
Subtotal392,604 — — 392,604 392,604 — — 
Level 2:
Commercial paper15,317 15 — 15,332 — 15,332 — 
Corporate bonds216,087 563 (12)216,638 — 139,999 76,639 
U.S. government agency securities238,995 781 (168)239,608 — 183,134 56,474 
Subtotal470,399 1,359 (180)471,578 — 338,465 133,113 
Total$863,003 $1,359 $(180)$864,182 $392,604 $338,465 $133,113 
(1)The Company’s short-term marketable securities mature in one year or less.
(2)The Company’s long-term marketable securities mature between one and two years.
 December 31, 2024
(in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized (Losses)
Aggregate Fair Value
Cash and Cash Equivalents
Short-term Marketable Securities(1)
Long-term Marketable Securities(2)
Level 1:       
Cash and cash equivalents$344,865 $— $— $344,865 $344,865 $— $— 
Subtotal344,865 — — 344,865 344,865 — — 
Level 2:
Commercial paper15,373 4 (8)15,369 — 15,369 — 
Corporate bonds177,771 423 (225)177,969 — 86,693 91,276 
U.S. government agency securities211,283 318 (173)211,428 — 150,590 60,838 
Subtotal404,427 745 (406)404,766 — 252,652 152,114 
Total$749,292 $745 $(406)$749,631 $344,865 $252,652 $152,114 
(1)The Company’s short-term marketable securities mature in one year or less.
(2)The Company’s long-term marketable securities mature between one and two years.