Cash, Cash Equivalents, and Financial Instruments

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Financial Instruments

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
	Adjusted Cost		Total Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	193,430	$	—	$	193,430	$	193,430	$	—
Level 1:
Money market funds	43,069		—		43,069		43,069		—
Level 2:
U.S. treasury securities	19,170		5		19,175		—		19,175
Total	$	255,669	$	5	$	255,674	$	236,499	$	19,175


	As of December 31, 2025
	Adjusted Cost		Total Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
(in thousands)
Cash	$	194,182	$	—	$	194,182	$	194,182	$	—
Level 1:
Money market funds	62,034		—		62,034		62,034		—
Level 2:
U.S. treasury securities	19,405		29		19,434		—		19,434
Total	$	275,621	$	29	$	275,650	$	256,216	$	19,434

Marketable securities held as of March 31, 2026 generally mature over the next 12 months. As of March 31, 2026 and December 31, 2025 all securities were in an unrealized gain position. The Company determined that an allowance for credit losses was unnecessary for the periods presented.