| Summary of Marketable Securities by Security Type |
The following tables set forth marketable securities for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
(in thousands) |
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Total |
|
Commercial paper |
|
|
10,954 |
|
|
|
1 |
|
|
|
(9 |
) |
|
|
10,946 |
|
Corporate debt securities |
|
|
166,209 |
|
|
|
85 |
|
|
|
(216 |
) |
|
|
166,078 |
|
Certificates of deposit |
|
|
14,654 |
|
|
|
4 |
|
|
|
(8 |
) |
|
|
14,650 |
|
U.S. Treasury notes |
|
|
27,374 |
|
|
|
38 |
|
|
|
(32 |
) |
|
|
27,380 |
|
Total |
|
$ |
219,191 |
|
|
$ |
128 |
|
|
$ |
(265 |
) |
|
$ |
219,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
(in thousands) |
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Total |
|
Commercial paper |
|
|
7,736 |
|
|
|
8 |
|
|
|
— |
|
|
|
7,744 |
|
Corporate debt securities |
|
|
175,401 |
|
|
|
343 |
|
|
|
(6 |
) |
|
|
175,738 |
|
Certificates of deposit |
|
|
10,181 |
|
|
|
9 |
|
|
|
— |
|
|
|
10,190 |
|
U.S. Treasury notes |
|
|
23,400 |
|
|
|
121 |
|
|
|
— |
|
|
|
23,521 |
|
Total |
|
$ |
216,718 |
|
|
$ |
481 |
|
|
$ |
(6 |
) |
|
$ |
217,193 |
|
|
| Summary of Assets Carried at Fair Value on Recurring Basis |
The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets carried at fair value on a recurring basis for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of March 31, 2026 |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
178,055 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
178,055 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
— |
|
|
|
10,946 |
|
|
|
— |
|
|
|
10,946 |
|
Corporate debt securities |
|
|
— |
|
|
|
166,078 |
|
|
|
— |
|
|
|
166,078 |
|
Certificates of deposit |
|
|
— |
|
|
|
14,650 |
|
|
|
— |
|
|
|
14,650 |
|
U.S. Treasury notes |
|
|
27,380 |
|
|
|
— |
|
|
|
— |
|
|
|
27,380 |
|
Total |
|
$ |
205,435 |
|
|
$ |
191,674 |
|
|
$ |
— |
|
|
$ |
397,109 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2025 |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
278,133 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
278,133 |
|
Marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
|
— |
|
|
|
7,744 |
|
|
|
— |
|
|
|
7,744 |
|
Corporate debt securities |
|
|
— |
|
|
|
175,738 |
|
|
|
— |
|
|
|
175,738 |
|
Certificates of deposit |
|
|
— |
|
|
|
10,190 |
|
|
|
— |
|
|
|
10,190 |
|
U.S. Treasury notes |
|
|
23,521 |
|
|
|
— |
|
|
|
— |
|
|
|
23,521 |
|
Total |
|
$ |
301,654 |
|
|
$ |
193,672 |
|
|
$ |
— |
|
|
$ |
495,326 |
|
|
| Summary of Scheduled Maturity for Marketable Securities |
The following table summarizes the scheduled maturity for the Company's marketable securities for the periods presented:
|
|
|
|
|
(in thousands) |
|
March 31, 2026 |
|
Maturing in one year or less |
|
$ |
140,065 |
|
Maturing after one year through two years |
|
|
78,989 |
|
Maturing after two years |
|
|
— |
|
Total |
|
$ |
219,054 |
|
|