Marketable Securities

12 Months Ended

Dec. 31, 2025

Debt Securities, Available-for-Sale [Abstract]

4. Marketable Securities


	As of December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	59,786	$	59	$	—		$	59,845
Asset-backed securities		43,183		54		—			43,237
Commercial paper		9,418		4		—			9,422
Corporate bonds		93,556		59		(2	)		93,613
Total	$	205,943	$	176	$	(2	)	$	206,117


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Losses			Fair Value
Marketable Securities
US Treasury obligations	$	108,967	$	69	$	—		$	109,036
US Government agency securities		25,083		19		(8	)		25,094
Asset-backed securities		60,002		77		(8	)		60,071
Commercial paper		21,850		7		—			21,857
Corporate bonds		173,890		125		(48	)		173,967
Total	$	389,792	$	297	$	(64	)	$	390,025

As of December 31, 2025 and 2024, the Company held one and 21 securities that were in an unrealized loss position of $2 and $64, respectively. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable debt securities for the years ended December 31, 2025 and 2024.

The fair value of available-for-sale marketable securities by contractual maturity was as follows as of December 31, 2025.


		As of December 31,
		2025
Maturing in one year or less		$162,880
Maturing after one year through five years		43,237
Total		$206,117

The Company received proceeds of $470,732 and $517,282 from sales and maturities of marketable securities during the years ended December 31, 2025 and 2024.