Fair Value of Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Hierarchy of Financial Assets and Liabilities |
The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Level 1 | | Level 2 | | Fair Value | | | | | | | | (in thousands) | | Money market funds | $ | 386 | | | $ | — | | | $ | 386 | | | Commercial paper | — | | | 1,473 | | | 1,473 | | | U.S. Treasury and government agencies | — | | | 333,004 | | | 333,004 | | | Corporate bonds | — | | | 146,575 | | | 146,575 | | | Asset-backed securities | — | | | 797 | | | 797 | | | Foreign currency forward contracts | — | | | 2,430 | | | 2,430 | | | Total assets | $ | 386 | | | $ | 484,279 | | | $ | 484,665 | | | Foreign currency forward contracts | $ | — | | | $ | 4,170 | | | $ | 4,170 | | | Total liabilities | $ | — | | | $ | 4,170 | | | $ | 4,170 | |
| | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Fair Value | | | | | | | | (in thousands) | | Money market funds | $ | 205 | | | $ | — | | | $ | 205 | | | | | | | | | U.S. Treasury and government agencies | — | | | 330,163 | | | 330,163 | | | | | | | | | Corporate bonds | — | | | 147,101 | | | 147,101 | | | Asset-backed securities | — | | | 1,240 | | | 1,240 | | | Foreign currency forward contracts | — | | | 58 | | | 58 | | | Total assets | $ | 205 | | | $ | 478,562 | | | $ | 478,767 | | | Foreign currency forward contracts | $ | — | | | $ | 4,697 | | | $ | 4,697 | | | Total liabilities | $ | — | | | $ | 4,697 | | | $ | 4,697 | |
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| Schedule of Cash Equivalents and Marketable Securities |
The Company's cash equivalents and marketable securities consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | | | | | | | | | (in thousands) | | Cash equivalents: (1) | | | | | | | | | Money market funds | $ | 386 | | | $ | — | | | $ | — | | | $ | 386 | | | | | | | | | | | U.S. Treasury and government agencies | 31,969 | | | — | | | (1) | | | 31,968 | | | Total | 32,355 | | | — | | | (1) | | | 32,354 | | | Short-term marketable securities: | | | | | | | | | Commercial paper | 1,475 | | | — | | | (2) | | | 1,473 | | | Corporate bonds | 54,140 | | | 132 | | | (7) | | | 54,265 | | | | | | | | | | | U.S. Treasury and government agencies | 136,042 | | | 128 | | | (29) | | | 136,141 | | | Total | 191,657 | | | 260 | | | (38) | | | 191,879 | | | Long-term marketable securities: | | | | | | | | | Corporate bonds | 92,415 | | | 107 | | | (212) | | | 92,310 | | | Asset-backed securities | 790 | | | 7 | | | — | | | 797 | | | U.S. Treasury and government agencies | 165,364 | | | 54 | | | (523) | | | 164,895 | | | Total | 258,569 | | | 168 | | | (735) | | | 258,002 | | | Total | $ | 482,581 | | | $ | 428 | | | $ | (774) | | | $ | 482,235 | |
(1)Excludes cash of $247.1 million. | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | | | | | | | | | (in thousands) | | Cash equivalents: (2) | | | | | | | | | Money market funds | $ | 205 | | | $ | — | | | $ | — | | | $ | 205 | | | | | | | | | | | U.S. Treasury and government agencies | 31,952 | | | 3 | | | — | | | 31,955 | | | Total | 32,157 | | | 3 | | | — | | | 32,160 | | | Short-term marketable securities: | | | | | | | | | | | | | | | | | Corporate bonds | 59,531 | | | 273 | | | — | | | 59,804 | | | | | | | | | | | U.S. Treasury and government agencies | 135,649 | | | 238 | | | (10) | | | 135,877 | | | | | | | | | | | Total | 195,180 | | | 511 | | | (10) | | | 195,681 | | | Long-term marketable securities: | | | | | | | | | Corporate bonds | 86,826 | | | 483 | | | (12) | | | 87,297 | | | Asset-backed securities | 1,227 | | | 13 | | | — | | | 1,240 | | | U.S. Treasury and government agencies | 162,035 | | | 396 | | | (100) | | | 162,331 | | | Total | 250,088 | | | 892 | | | (112) | | | 250,868 | | | Total | $ | 477,425 | | | $ | 1,406 | | | $ | (122) | | | $ | 478,709 | |
(2)Excludes cash of $218.1 million.
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| Schedule of Gross Unrealized Losses and Fair Value of Marketable Securities in an Unrealized Loss Position |
The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Less than 12 months | | 12 months or longer | | Total | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | (in thousands) | | Commercial paper | $ | 1,473 | | | $ | (2) | | | $ | — | | | $ | — | | | $ | 1,473 | | | $ | (2) | | | | | | | | | | | | | | | Corporate bonds | 56,884 | | | (219) | | | — | | | — | | | 56,884 | | | (219) | | | U.S. Treasury and government agencies | 217,164 | | | (553) | | | — | | | — | | | 217,164 | | | (553) | | | Total | $ | 275,521 | | | $ | (774) | | | $ | — | | | $ | — | | | $ | 275,521 | | | $ | (774) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 months | | 12 months or longer | | Total | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate bonds | $ | 10,735 | | | $ | (12) | | | $ | 1,791 | | | $ | — | | | $ | 12,526 | | | $ | (12) | | | U.S. Treasury and government agencies | 92,419 | | | (110) | | | — | | | — | | | 92,419 | | | (110) | | | Total | $ | 103,154 | | | $ | (122) | | | $ | 1,791 | | | $ | — | | | $ | 104,945 | | | $ | (122) | |
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| Schedule of the Fair Value of Marketable Securities by Contractual Maturity |
The following summarizes the fair value of marketable securities by contractual maturity: | | | | | | | | | | | | | March 31, 2026 | | Amortized Cost | | Fair Value | | | | | | (in thousands) | | Due within One Year | $ | 224,011 | | | $ | 224,233 | | | Due after One Year through Five Years | 257,780 | | | 257,205 | | | | | | | Asset-backed securities | 790 | | | 797 | | | Total | $ | 482,581 | | | $ | 482,235 | |
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| Schedule of Derivative Financial Instruments |
The following summarizes the fair value of derivative financial instruments as of March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | March 31,
2026 | | December 31,
2025 | | | | | | (in thousands) | | Assets | | | | | Foreign currency forward contracts designated as cash flow hedge | $ | 1,404 | | | $ | 55 | | | Foreign currency forward contracts not designated as hedging instruments | 1,026 | | | 3 | | | Total | $ | 2,430 | | | $ | 58 | | | Liabilities | | | | | Foreign currency forward contracts designated as cash flow hedge | $ | 4,072 | | | $ | 4,579 | | | Foreign currency forward contracts not designated as hedging instruments | 98 | | | 118 | | | Total | $ | 4,170 | | | $ | 4,697 | |
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| Schedule of Gains (Losses) Recognized from Forward Contracts and Other Foreign Currency Transactions in Other Income (Expense) |
The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations: | | | | | | | | | | | | | | | | | Three Months Ended
March 31, | | | | 2026 | | 2025 | | | | | | | | | | | | | | (in thousands) | | | | Net gains (losses) from non-designated forward contracts | $ | 2,364 | | | $ | (1,617) | | | | | | | Other foreign currency transactions gains (losses) | (2,553) | | | 1,877 | | | | | | | Total foreign exchange gains (losses), net | $ | (189) | | | $ | 260 | | | | | |
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