v3.25.2
Marketable Securities and Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Marketable Securities and Fair Value Measurements Marketable Securities and Fair Value Measurements
Marketable Securities

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):
As of June 30, 2025As of December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Corporate securities$47,432 $101 $(4)$47,529 $52,311 $102 $(12)$52,401 
U.S. Treasury and agency securities66,806 146 (22)66,930 47,865 163 — 48,028 
Debt securities$114,238 $247 $(26)$114,459 $100,176 $265 $(12)$100,429 

During the three and six months ended June 30, 2025 and 2024, we did not reclassify any amount to earnings from accumulated other comprehensive income related to unrealized gains or losses.

The following table summarizes the cost and estimated fair value of our marketable securities based on stated effective maturities as of June 30, 2025 (excluding publicly held equity securities, in thousands):
As of June 30, 2025Amortized CostFair Value
Less than 1 year$66,851 $66,991 
Mature in 1 - 3 years47,387 47,468 
Debt securities$114,238 $114,459 
All available-for-sale securities have been classified as current because they are available for use in current operations.
Marketable securities in an unrealized loss position as of June 30, 2025 consisted of the following (in thousands):

Less Than 12 Months12 Months or MoreTotal
As of June 30, 2025Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,960 $(4)$— $— $12,960 $(4)
U.S. Treasury and agency securities25,797 (22)— — 25,797 (22)
Total$38,757 $(26)$— $— $38,757 $(26)

Marketable securities in an unrealized loss position as of December 31, 2024 consisted of the following (in thousands):

Less Than 12 Months12 Months or MoreTotal
As of December 31, 2024Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate securities$12,516 $(12)$— $— $12,516 $(12)
Total$12,516 $(12)$— $— $12,516 $(12)

Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during the three and six months ended June 30, 2025 and 2024.

Fair Value Measurements

The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):
 As of June 30, 2025As of December 31, 2024
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash$77,239 $— $— $77,239 $89,195 $— $— $89,195 
Cash equivalents175,685 — — 175,685 5,934 — — 5,934 
Corporate securities— 47,529 — 47,529 — 52,401 — 52,401 
U.S. Treasury and agency securities43,407 23,523 — 66,930 38,025 10,003 — 48,028 
$296,331 $71,052 $— $367,383 $133,154 $62,404 $— $195,558 
There were no transfers between Level 1 and Level 2 fair value measurement categories during the three and six months ended June 30, 2025 and 2024.

The Company measures the fair value of the 2030 Notes (as defined below) using inputs of quoted prices for disclosure purposes on a recurring basis. The fair value of the 2030 Notes was $241.1 million as of June 30, 2025. The 2030 Notes are categorized as Level 2 since their fair values is based on Level 2 inputs of quoted prices.