Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


		Fair Value Measurements as of March 31, 2026:
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents:
Money market funds		$	186,682			$	—			$	—			$	186,682
Total cash equivalents			186,682				—				—				186,682
Investments:
U.S. treasury bills			—				368,065				—				368,065
U.S. agency securities			—				69,411				—				69,411
Total investments		$	—			$	437,476			$	—			$	437,476


		Fair Value Measurements as of December 31, 2025:
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents:
Money market funds		$	80,313			$	—			$	—			$	80,313
Total cash equivalents			80,313				—				—				80,313
Investments:
U.S. treasury bills			—				401,184				—				401,184
U.S. agency securities			—				69,316				—				69,316
Total investments		$	—			$	470,500			$	—			$	470,500