v3.26.1
Cash Equivalents and Marketable Securities
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
The fair value and amortized cost of cash equivalents and fixed income marketable securities by major security type are as follows (in thousands):
March 31, 2026
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$64,472 $— $— $64,472 
U.S. Treasury securities156,460 49 (51)156,458 
U.S. government agency securities13,907 1 (6)13,902 
Corporate debt securities9,419 1 (3)9,417 
Total cash equivalents and fixed income marketable securities
$244,258 $51 $(60)$244,249 
Classified as:Fair Value
Cash equivalents$74,042 
Marketable securities163,253 
Marketable securities, non-current6,954 
Total cash equivalents and fixed income marketable securities
$244,249 
December 31, 2025
Amortized Cost Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Money market funds$49,766 $— $— $49,766 
U.S. Treasury securities175,839 233 — 176,072 
U.S. government agency securities6,528 5 — 6,533 
Corporate debt securities4,430 4 — 4,434 
Total cash equivalents and fixed income marketable securities
$236,563 $242 $— $236,805 
Classified as:Fair Value
Cash equivalents$49,766 
Marketable securities187,039 
Marketable securities, non-current— 
Total cash equivalents and fixed income marketable securities
$236,805 
The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for less than 12 months were $97.9 million and zero as of March 31, 2026 and December 31, 2025, respectively. The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for greater than 12 months were zero as of both March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, all of the Company’s money market and fixed income marketable securities had a maturity date of two years or less, were available for use and were classified as available‑for‑sale. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. The Company determined that there was no material change in the credit risk of the above investments as of both March 31, 2026 and December 31, 2025. As such, an allowance for credit losses has not been recognized. Gross realized gains and losses were de minimis for the three months ended March 31, 2026 and 2025 and as a
result, amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2026 and 2025 were also de minimis. See Note 7, Fair Value Measurements, for additional information regarding cash equivalents and fixed income marketable securities.