v3.26.1
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following fair value hierarchy table presents fair value information about the Company’s assets and liabilities (amounts in thousands):
Fair value measurement at reporting date using
Quoted prices
in active markets for
identical assets
(Level 1)		Significant
other
observable inputs (Level 2)		Significant
unobservable inputs
(Level 3)		Total
December 31, 2025
Assets
Money Market fund$23,970 $— $— $23,970 
U.S. Treasury and government agency securities59,842 247,890 — 307,732 
Corporate debt securities— 183,456 — 183,456 
Commercial Paper— 34,616 — 34,616 
Total$83,812 $465,962 $— $549,774 

Fair value measurement at reporting date using
Quoted prices
in active markets for
identical assets
(Level 1)		Significant
other
observable inputs (Level 2)		Significant
unobservable inputs
(Level 3)		Total
December 31, 2024
Assets
Money Market fund$217,515 $— $— $217,515 
U.S. Treasury securities171,885 — — 171,885 
Total$389,400 $— $— $389,400 
We classify our investments in available-for-sale U.S. Treasury securities and the money market fund into Level 1 of the ASC Topic 820 hierarchy because fair values represent quoted market prices for identical or comparable instruments. The Company estimates the fair value of its U.S. government agency securities, corporate debt securities and commercial paper that are considered Level 2 fair values by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based
approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.
The following represents the amortized cost bases and fair values of the Company’s investments and money market fund as of December 31, 2025 (amounts in thousands):
Amortized CostGross Unrealized Gains Gross Unrealized LossesFair Value
Money Market fund, included in Cash and cash equivalents$23,970 $— $— $23,970 
U.S. Treasury and government agency securities, included in:
Cash and cash equivalents$9,974 $1 $— $9,975 
Short-term investments134,625 73 (21)134,677 
Long-term investments163,141 27 (88)163,080 
Total U.S. Treasury and government agency securities$307,740 $101 $(109)$307,732 
Corporate debt securities, included in:
Short-term investments$63,847 $141 $— $63,988 
Long-term investments119,279 252 (63)119,468 
Total Corporate debt securities$183,126 $393 $(63)$183,456 
Commercial paper, included in:
Short-term investments$34,605 $11 $— $34,616 
Total Commercial paper$34,605 $11 $— $34,616 
In aggregate:
Investments above with no unrealized loss$309,888 $505 $— $310,393 
Investments above with unrealized loss239,553 — (172)239,381 
Total investments$549,441 $505 $(172)$549,774 

At the end of December 31, 2025, the Company held approximately 79 securities, of which 37 were in an unrealized loss position as of the end of the period, with an aggregate fair value of $239.4 million. The Company has not recorded any allowance for credit losses as of December 31, 2025 as it believes the decline in fair value below amortized cost is not related to credit losses. These investments in an unrealized loss position were in this position for less than 12 months and there has been no change in the credit risk of such securities during the period. The Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell the securities before
recovery of the amortized cost basis of its debt securities. Securities are evaluated at the end of each reporting period for evidence of the credit-related impairment.
The following represents the amortized cost bases and fair values of the Company’s investments and its money market fund as of December 31, 2024 (amounts in thousands):
Amortized CostGross Unrealized Gains Gross Unrealized LossesFair Value
Money Market fund, included in Cash and cash equivalents$217,515 $— $— $217,515 
U.S. Treasury securities, included in:
Cash and cash equivalents
$72,762 $167 $— $72,929 
Short-term investments95,534 3,422 — 98,956 
Total U.S. Treasury securities$168,296 $3,589 $— $171,885