Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

The fair value of available-for-sale marketable securities by type of security was as follows (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable Securities:
U.S. Treasury Bills	$	163,516	$	2	$	(74)	$	163,444
Total marketable securities with original maturity of one year or less	163,516		2		(74)		163,444

U.S. Treasury Bills	53,018		—		(171)		52,847
Total marketable securities with original maturity of one to two years	53,018		—		(171)		52,847
Total marketable securities	$	216,534	$	2	$	(245)	$	216,291


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable Securities:
U.S. Treasury Bills	$	233,672	$	146	$	—	$	233,818
Total marketable securities with original maturity of one year or less	233,672		146		—		233,818

U.S. Treasury Bills	84,201		97		—		84,298
Total marketable securities with original maturity of one to two years	84,201		97		—		84,298
Total marketable securities	$	317,873	$	243	$	—	$	318,116

The following table summarizes the Company's available-for-sale securities in an unrealized loss position, aggregated by type and length of time in a continuous unrealized position (in thousands):


	March 31, 2026
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Marketable Securities:
U.S. Treasury Bills	$	156,241	$	(245)	$	—	$	—	$	156,241	$	(245)
Total	$	156,241	$	(245)	$	—	$	—	$	156,241	$	(245)

As summarized in the tables immediately above, the Company held eleven debt securities that were in an unrealized loss position as of March 31, 2026. The unrealized losses at March 31, 2026 were attributable to changes in interest rates and do not represent credit losses. The Company does not intend to sell these securities, and it is not more likely than not that it will be required to sell them before recovery of their amortized cost basis. The Company held no debt securities that were in an unrealized loss position as of December 31, 2025.