| Schedule of Fair Value of the Company's Cash Equivalents and Marketable Securities |
The Company’s investments consist of marketable securities classified as available-for-sale. The following tables provide a summary of the estimated fair value of the Company’s cash equivalents and marketable securities:
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March 31, 2026 |
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Classification |
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Amortized
Cost |
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Gross
Unrealized
Gain |
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Gross
Unrealized
Loss |
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Fair Value |
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Short-term |
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Long-term |
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Cash equivalents: |
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Money market funds |
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$ |
615,695 |
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$ |
— |
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$ |
— |
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$ |
615,695 |
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$ |
615,695 |
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$ |
— |
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Corporate debt securities |
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1,414 |
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— |
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— |
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1,414 |
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1,414 |
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— |
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Total cash equivalents |
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$ |
617,109 |
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$ |
— |
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$ |
— |
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$ |
617,109 |
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$ |
617,109 |
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$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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$ |
364,019 |
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$ |
51 |
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$ |
(444 |
) |
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$ |
363,626 |
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$ |
287,034 |
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$ |
76,592 |
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Certificate of deposit |
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12,373 |
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11 |
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— |
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12,384 |
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12,384 |
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— |
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U.S. government agency securities |
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17,139 |
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5 |
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(36 |
) |
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17,108 |
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5,543 |
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11,565 |
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Corporate debt securities |
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167,597 |
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22 |
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(172 |
) |
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167,447 |
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141,736 |
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25,711 |
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Commercial paper |
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36,907 |
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16 |
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(28 |
) |
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36,895 |
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36,895 |
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— |
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Total marketable securities |
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$ |
598,035 |
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$ |
105 |
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$ |
(680 |
) |
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$ |
597,460 |
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$ |
483,592 |
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$ |
113,868 |
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December 31, 2025 |
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Classification |
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Amortized
Cost |
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Gross
Unrealized
Gain |
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Gross
Unrealized
Loss |
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Fair Value |
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Short-term |
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Long-term |
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Cash equivalents: |
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Money market funds |
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$ |
50,247 |
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$ |
— |
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$ |
— |
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$ |
50,247 |
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$ |
50,247 |
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$ |
— |
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Total cash equivalents |
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$ |
50,247 |
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$ |
— |
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$ |
— |
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$ |
50,247 |
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$ |
50,247 |
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$ |
— |
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Marketable securities: |
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U.S. treasury securities |
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$ |
345,668 |
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$ |
402 |
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$ |
— |
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$ |
346,070 |
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$ |
274,152 |
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$ |
71,918 |
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Certificate of deposit |
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6,112 |
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9 |
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— |
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6,121 |
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6,121 |
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— |
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U.S. government agency securities |
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17,053 |
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17 |
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(7 |
) |
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17,063 |
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7,521 |
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9,542 |
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Corporate debt securities |
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89,709 |
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81 |
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(15 |
) |
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89,775 |
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61,100 |
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28,675 |
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Commercial paper |
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4,312 |
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2 |
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— |
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4,314 |
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4,314 |
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— |
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Total marketable securities |
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$ |
462,854 |
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$ |
511 |
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$ |
(22 |
) |
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$ |
463,343 |
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$ |
353,208 |
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$ |
110,135 |
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| Schedule of Components of Interest Income |
The following table provides a summary of the components of interest and investment income:
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Three Months Ended
March 31, |
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2026 |
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2025 |
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Interest income |
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$ |
5,047 |
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$ |
1,892 |
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Accretion of discount on marketable securities, net |
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1,218 |
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1,899 |
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Total interest and investment income |
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$ |
6,265 |
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$ |
3,791 |
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