Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities:


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government-backed securities	$	352,309	$	580	$	(273	)	$	352,616
Financial institution debt securities		217,544		528		(245	)		217,827
Corporate debt securities		94,924		163		(160	)		94,927
Other asset-backed securities		7,168		10		-			7,178
Total	$	671,945	$	1,281	$	(678	)	$	672,548

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
Marketable securities:
U.S. Treasury and other government-backed securities	$	382,260	$	302	$	(254	)	$	382,308
Financial institution debt securities		246,270		92		(243	)		246,119
Corporate debt securities		97,490		53		(135	)		97,408
Other asset-backed securities		59,453		75		(24	)		59,504
Total	$	785,473	$	522	$	(656	)	$	785,339

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. There were no material realized gains or losses in the years ended December 31, 2024 or 2023. The Company did not reclassify any amounts out of accumulated other comprehensive loss during these periods. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company’s available-for-sale securities that are classified as short-term marketable securities in the consolidated balance sheets mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the consolidated balance sheets are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At December 31, 2024 and 2023, the Company did not hold any marketable securities that matured beyond five years of the balance sheet date.

Accrued interest on marketable securities is included in “Prepaid expenses and other current assets” on the Company's consolidated balance sheets.