Investments and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

The Company’s marketable and non-marketable investments as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:
Commercial paper	$	179,757	$	1	$	(49)	$	—	$	179,709
Certificate of Deposit	16,719		3		(5)		—		16,717
U.S. treasury	1,400		—		(1)		—		1,399


Corporate bonds	177,494		13		(961)		—		176,546

Total	375,370		17		(1,016)		—		374,371
Non-marketable investments:
Non-marketable debt securities	10,000		3,761		—		—		13,761
Total	10,000		3,761		—		—		13,761
Total	$	385,370	$	3,778	$	(1,016)	$	—	$	388,132


	December 31, 2025
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:
Commercial paper	$	178,584	$	30	$	(2)	$	—	$	178,612
Certificate of Deposit	8,374		4		—		—		8,378
U.S. treasury	2,801		—		(1)		—		2,800


Corporate bonds	168,046		143		(60)		—		168,129

Total	357,805		177		(63)		—		357,919
Non-marketable investments:
Non-marketable debt securities	10,000		3,761		—		—		13,761
Total	10,000		3,761		—		—		13,761
Total	$	367,805	$	3,938	$	(63)	$	—	$	371,680

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:
Commercial paper	$	164,345	$	(49)	$	—	$	—	$	164,345	$	(49)
Certificate of Deposit	6,268		(5)		—		—		6,268		(5)
U.S. treasury	1,400		(1)		—		—		1,400		(1)


Corporate bonds	170,651		(961)		—		—		170,651		(961)

Total	$	342,664	$	(1,016)	$	—	$	—	$	342,664	$	(1,016)


	December 31, 2025
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:
Commercial paper	$	37,855	$	(2)	$	—	$	—	$	37,855	$	(2)

U.S. treasury	—		—		1,400		(1)		1,400		(1)


Corporate bonds	48,817		(60)		—		—		48,817		(60)

Total	$	86,672	$	(62)	$	1,400	$	(1)	$	88,072	$	(63)

Schedule of Contractual Maturities of Marketable Investments

The contractual maturities of the Company’s marketable investments as of March 31, 2026 (in thousands):


	March 31, 2026
Marketable investments:	Amortized Cost		Fair Value
Due in one year	$	235,848	$	235,718
Due in one to five years	139,522		138,653
Total	$	375,370	$	374,371

Schedule of Fair Value of Assets and Liabilities

The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:

Commercial paper	$	—	$	68,433	$	—	$	68,433


Money market funds	75,797		—		—		75,797





Marketable investments:
Commercial paper	—		179,709		—		179,709
Certificate of deposit	—		16,717		—		16,717
U.S. treasury	1,399		—		—		1,399


Corporate bonds	—		176,546		—		176,546

Non-marketable investment:
Non-marketable investment	—		—		13,761		13,761
Total	$	77,196	$	441,405	$	13,761	$	532,362


	As of December 31, 2025
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:



Money market funds	$	96,681	$	—	$	—	$	96,681

Marketable investments:
Commercial paper	—		178,612		—		178,612
Certificate of deposit	—		8,378		—		8,378
U.S. treasury	2,800		—		—		2,800


Corporate bonds	—		168,129		—		168,129


Non-marketable investment:
Non-marketable investment	—		—		13,761		13,761
Total	$	99,481	$	355,119	$	13,761	$	468,361