Marketable Securities and Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Available-for-Sale Marketable Securities and Fair Value Measurements [Abstract] |
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| Schedule of Fair Value Measurements on Cash Equivalents and Marketable Securities |
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):
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March 31, 2026 |
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Fair Value Measurement |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Cash equivalents: |
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|
|
|
|
|
|
|
|
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Money market funds |
$ |
48,411 |
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|
$ |
48,411 |
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|
$ |
— |
|
|
$ |
— |
|
Commercial paper |
|
15,978 |
|
|
|
— |
|
|
|
15,978 |
|
|
|
— |
|
Corporate securities |
|
2,266 |
|
|
|
— |
|
|
|
2,266 |
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|
|
— |
|
Marketable securities, current: |
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|
|
|
|
|
|
|
|
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U.S. treasury securities |
|
151,153 |
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|
|
— |
|
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|
151,153 |
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|
|
— |
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Corporate securities |
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62,820 |
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|
|
— |
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|
62,820 |
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|
|
— |
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Commercial paper |
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43,351 |
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|
|
— |
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|
43,351 |
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|
|
— |
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U.S. government agency securities |
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18,472 |
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|
— |
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|
18,472 |
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|
|
— |
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Marketable securities, non-current: |
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U.S. treasury securities |
|
126,328 |
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|
— |
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|
126,328 |
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|
|
— |
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Corporate securities |
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32,682 |
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|
|
— |
|
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|
32,682 |
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|
|
— |
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U.S. government agency securities |
|
15,681 |
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|
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— |
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|
15,681 |
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|
— |
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Total measured at fair value |
$ |
517,142 |
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|
$ |
48,411 |
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|
$ |
468,731 |
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$ |
— |
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As of December 31, 2025 |
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Fair Value Measurement |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Cash equivalents: |
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|
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|
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Money market funds |
$ |
63,736 |
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|
$ |
63,736 |
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|
$ |
— |
|
|
$ |
— |
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Commercial paper |
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50,163 |
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— |
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50,163 |
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|
|
— |
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Corporate securities |
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2,190 |
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— |
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2,190 |
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— |
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Marketable securities, current: |
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— |
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U.S. treasury securities |
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141,984 |
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— |
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141,984 |
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— |
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Commercial paper |
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67,784 |
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— |
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67,784 |
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|
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— |
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Corporate securities |
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32,573 |
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|
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— |
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32,573 |
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|
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— |
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U.S. government agency securities |
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28,026 |
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— |
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28,026 |
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|
— |
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Marketable securities, non-current: |
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— |
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U.S. treasury securities |
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117,632 |
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|
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— |
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117,632 |
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|
|
— |
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Corporate securities |
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35,713 |
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— |
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35,713 |
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— |
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U.S. government agency securities |
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4,224 |
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— |
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4,224 |
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— |
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Total measured at fair value |
$ |
544,025 |
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$ |
63,736 |
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$ |
480,289 |
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|
$ |
— |
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| Summary of Marketable Securities by Major Type of Security |
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):
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Remaining |
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Aggregate |
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Contractual |
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Estimated Fair |
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Maturity (in years) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Value |
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U.S. treasury securities |
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Less than 1 |
|
$ |
151,062 |
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|
$ |
124 |
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|
$ |
(33 |
) |
|
$ |
151,153 |
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Corporate securities |
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Less than 1 |
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65,210 |
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|
— |
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(124 |
) |
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|
65,086 |
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Commercial paper |
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Less than 1 |
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|
59,348 |
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|
— |
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(19 |
) |
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59,329 |
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U.S. government agency
securities |
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Less than 1 |
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18,465 |
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8 |
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(1 |
) |
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18,472 |
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Total maturity less than 1 year |
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294,085 |
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132 |
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(177 |
) |
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294,040 |
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U.S. treasury securities |
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1 to 2 |
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126,680 |
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17 |
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(369 |
) |
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|
126,328 |
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Corporate securities |
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1 to 2 |
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32,802 |
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4 |
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(124 |
) |
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|
32,682 |
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U.S. government agency
securities |
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1 to 2 |
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15,733 |
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|
— |
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(52 |
) |
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|
15,681 |
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Total |
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$ |
469,300 |
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|
$ |
153 |
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|
$ |
(722 |
) |
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$ |
468,731 |
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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):
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Remaining
Contractual
Maturity (in years) |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Aggregate
Estimated Fair
Value |
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Commercial paper |
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Less than 1 |
|
$ |
117,939 |
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$ |
17 |
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|
$ |
(9 |
) |
|
$ |
117,947 |
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U.S. treasury securities |
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Less than 1 |
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|
141,688 |
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|
296 |
|
|
|
— |
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|
141,984 |
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Corporate securities |
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Less than 1 |
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|
34,755 |
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14 |
|
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(6 |
) |
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|
34,763 |
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U.S. government agency
securities |
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Less than 1 |
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|
27,992 |
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|
34 |
|
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|
— |
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|
28,026 |
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Total maturity less than 1 year |
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322,374 |
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|
361 |
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(15 |
) |
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|
322,720 |
|
U.S. treasury securities |
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1 to 2 |
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|
117,376 |
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|
257 |
|
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(1 |
) |
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|
117,632 |
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Corporate securities |
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1 to 2 |
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|
35,699 |
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24 |
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(10 |
) |
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35,713 |
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U.S. government agency
securities |
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1 to 2 |
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4,223 |
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2 |
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(1 |
) |
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|
4,224 |
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Total |
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$ |
479,672 |
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$ |
644 |
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|
$ |
(27 |
) |
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$ |
480,289 |
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| Schedule of Unrealized Loss Positions of Marketable Securities |
As of March 31, 2026, the following table summarizes marketable securities in an unrealized loss position (in thousands):
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Remaining Contractual Maturity (in years) |
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Fair Value |
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Gross
Unrealized Loss |
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Corporate securities |
Less than 1 |
|
$ |
64,093 |
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|
$ |
(124 |
) |
Commercial paper |
Less than 1 |
|
|
57,636 |
|
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|
(19 |
) |
U.S. treasury securities |
Less than 1 |
|
|
49,876 |
|
|
|
(33 |
) |
U.S. government agency securities |
Less than 1 |
|
|
6,060 |
|
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|
(1 |
) |
Total maturity less than 1 year |
|
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|
177,665 |
|
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|
(177 |
) |
U.S. treasury securities |
1 to 2 |
|
|
115,720 |
|
|
|
(369 |
) |
Corporate securities |
1 to 2 |
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|
29,168 |
|
|
|
(124 |
) |
U.S. government agency securities |
1 to 2 |
|
|
15,681 |
|
|
|
(52 |
) |
Total |
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|
$ |
338,234 |
|
|
$ |
(722 |
) |
|