The Company records marketable securities and cash equivalents at their estimated fair values, which are based on market prices from a variety of industry standard data providers and generally represent quoted prices for similar assets in active markets or have been derived from observable market data.

Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity).

Money market funds are highly liquid investments and are classified as Level 1. The pricing information for these assets is readily available and can be independently validated as of the measurement date. Marketable securities, including U.S. Treasury securities, U.S. government agency securities, commercial paper, and corporate debt securities, are classified as Level 2. These securities are valued using fair value from third-party pricing services, which may use observable inputs based on real-time trade data for similar assets, broker/dealer quotes, bids and/or offers and other observable inputs.

The carrying amounts of the Company’s prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate fair value due to their short maturities.

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	March 31, 2026
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	48,411	$	48,411	$	—	$	—
Commercial paper		15,978		—		15,978		—
Corporate securities		2,266		—		2,266		—
Marketable securities, current:
U.S. treasury securities		151,153		—		151,153		—
Corporate securities		62,820		—		62,820		—
Commercial paper		43,351		—		43,351		—
U.S. government agency securities		18,472		—		18,472		—
Marketable securities, non-current:
U.S. treasury securities		126,328		—		126,328		—
Corporate securities		32,682		—		32,682		—
U.S. government agency securities		15,681		—		15,681		—
Total measured at fair value	$	517,142	$	48,411	$	468,731	$	—


	As of December 31, 2025
			Fair Value Measurement
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	63,736	$	63,736	$	—	$	—
Commercial paper		50,163		—		50,163		—
Corporate securities		2,190		—		2,190		—
Marketable securities, current:		—
U.S. treasury securities		141,984		—		141,984		—
Commercial paper		67,784		—		67,784		—
Corporate securities		32,573		—		32,573		—
U.S. government agency securities		28,026		—		28,026		—
Marketable securities, non-current:		—
U.S. treasury securities		117,632		—		117,632		—
Corporate securities		35,713		—		35,713		—
U.S. government agency securities		4,224		—		4,224		—
Total measured at fair value	$	544,025	$	63,736	$	480,289	$	—

As of March 31, 2026 and December 31, 2025, the Company’s marketable securities consist of debt securities, including U.S. Treasury and agency securities, corporate debt securities and commercial paper. These marketable securities are carried at fair value and are included in the tables above. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. At each reporting date, the Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company evaluates, among others, whether the Company has the intention to sell any of these marketable securities and whether it is not more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met at March 31, 2026 or December 31, 2025. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and the Company's expectation is that those payments will continue to be received timely. Based on this evaluation, as of March 31, 2026 and December 31, 2025, the Company determined that unrealized losses of its marketable securities were primarily attributable to changes in interest rates and non-credit related factors. As such, no allowances for credit losses were recorded at March 31, 2026 or December 31, 2025.

Interest receivable as of March 31, 2026 and December 31, 2025 was $3.4 million and is recorded as a component of prepaid expenses and other current assets on the Company’s condensed balance sheets.

As of March 31, 2026 and December 31, 2025, all marketable securities in an unrealized loss position had been in an unrealized loss position for less than 12 months. As of March 31, 2026, the Company held 167 marketable securities in an unrealized loss position. As of December 31, 2025, the Company held 44 marketable securities in an unrealized loss position.

As of March 31, 2026, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities and cash equivalents (in thousands):


	Remaining								Aggregate
	Contractual								Estimated Fair
	Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Value
U.S. treasury securities	Less than 1	$	151,062	$	124	$	(33	)	$	151,153
Corporate securities	Less than 1		65,210		—		(124	)		65,086
Commercial paper	Less than 1		59,348		—		(19	)		59,329
U.S. government agency securities	Less than 1		18,465		8		(1	)		18,472
Total maturity less than 1 year			294,085		132		(177	)		294,040
U.S. treasury securities	1 to 2		126,680		17		(369	)		126,328
Corporate securities	1 to 2		32,802		4		(124	)		32,682
U.S. government agency securities	1 to 2		15,733		—		(52	)		15,681
Total		$	469,300	$	153	$	(722	)	$	468,731

As of December 31, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities and cash equivalents (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	117,939	$	17	$	(9	)	$	117,947
U.S. treasury securities	Less than 1		141,688		296		—			141,984
Corporate securities	Less than 1		34,755		14		(6	)		34,763
U.S. government agency securities	Less than 1		27,992		34		—			28,026
Total maturity less than 1 year			322,374		361		(15	)		322,720
U.S. treasury securities	1 to 2		117,376		257		(1	)		117,632
Corporate securities	1 to 2		35,699		24		(10	)		35,713
U.S. government agency securities	1 to 2		4,223		2		(1	)		4,224
Total		$	479,672	$	644	$	(27	)	$	480,289

As of March 31, 2026, the following table summarizes marketable securities in an unrealized loss position (in thousands):


	Remaining Contractual Maturity (in years)	Fair Value		Gross Unrealized Loss
Corporate securities	Less than 1	$	64,093	$	(124	)
Commercial paper	Less than 1		57,636		(19	)
U.S. treasury securities	Less than 1		49,876		(33	)
U.S. government agency securities	Less than 1		6,060		(1	)
Total maturity less than 1 year			177,665		(177	)
U.S. treasury securities	1 to 2		115,720		(369	)
Corporate securities	1 to 2		29,168		(124	)
U.S. government agency securities	1 to 2		15,681		(52	)
Total		$	338,234	$	(722	)