| Investments Measured at Fair Value on Recurring Basis |
The following tables summarize, by major security type, our short-term investments that are measured at fair value on a recurring basis, in thousands:
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September 30, 2025 |
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Maturities
(years) |
|
Amortized
Cost |
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|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
Cash equivalents |
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|
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Money market funds |
1 or less |
|
$ |
39,180 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
39,180 |
|
U.S. Treasury securities |
1 or less |
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|
7,460 |
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|
|
— |
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|
|
— |
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|
|
7,460 |
|
Total cash equivalents |
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|
|
46,640 |
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|
— |
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|
|
— |
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|
46,640 |
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Short-term investments |
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U.S. Treasury securities |
2 or less |
|
|
420,960 |
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|
|
915 |
|
|
|
(1 |
) |
|
|
421,874 |
|
U.S. Agency bonds |
3 or less |
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|
32,500 |
|
|
|
9 |
|
|
|
(5 |
) |
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|
32,504 |
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Total short-term investments |
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|
|
453,460 |
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|
|
924 |
|
|
|
(6 |
) |
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|
454,378 |
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Total |
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|
$ |
500,100 |
|
|
$ |
924 |
|
|
$ |
(6 |
) |
|
$ |
501,018 |
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|
December 31, 2024 |
|
|
Maturities
(years) |
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Estimated
Fair Value |
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
1 or less |
|
$ |
200,024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
200,024 |
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|
|
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Short-term investments |
|
|
|
|
|
|
|
|
|
|
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|
U.S. Treasury securities |
3 or less |
|
|
497,172 |
|
|
|
766 |
|
|
|
— |
|
|
|
497,938 |
|
U.S. Agency bonds |
3 or less |
|
|
4,997 |
|
|
|
— |
|
|
|
(2 |
) |
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|
4,995 |
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Total short-term investments |
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|
|
502,169 |
|
|
|
766 |
|
|
|
(2 |
) |
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|
502,933 |
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Total |
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|
$ |
702,193 |
|
|
$ |
766 |
|
|
$ |
(2 |
) |
|
$ |
702,957 |
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