Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date | | Total | | Level 1 | | Level 2 | | Level 3 | | At March 31, 2026: | | | | | | | | | Cash equivalents | | | | | | | | | Money market funds | $ | 24,121 | | | $ | 24,121 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Total cash equivalents measured at fair value | $ | 24,121 | | | $ | 24,121 | | | $ | — | | | $ | — | | | Marketable securities | | | | | | | | | Corporate debt securities | $ | 111,231 | | | $ | — | | | $ | 111,231 | | | $ | — | | | U.S. treasury securities | 75,354 | | | 75,354 | | | — | | | — | | | Asset-backed securities | 23,207 | | | — | | | 23,207 | | | — | | | U.S. government agency securities | 12,641 | | | — | | | 12,641 | | | — | | | Commercial paper | 11,180 | | | — | | | 11,180 | | | — | | | Total marketable securities measured at fair value | $ | 233,613 | | | $ | 75,354 | | | $ | 158,259 | | | $ | — | | | | | | | | | | | At December 31, 2025: | | | | | | | | | Cash equivalents | | | | | | | | | Money market funds | $ | 21,536 | | | $ | 21,536 | | | $ | — | | | $ | — | | | U.S. treasury securities | 2,996 | | | 2,996 | | | — | | | — | | | | | | | | | | | | | | | | | | | Total cash equivalents measured at fair value | $ | 24,532 | | | $ | 24,532 | | | $ | — | | | $ | — | | | Marketable securities | | | | | | | | | Corporate debt securities | $ | 114,102 | | | $ | — | | | $ | 114,102 | | | $ | — | | | U.S. treasury securities | 89,726 | | | 89,726 | | | — | | | — | | | Commercial paper | 28,858 | | | — | | | 28,858 | | | — | | | Asset-backed securities | 21,282 | | | — | | | 21,282 | | | — | | | U.S. government agency securities | 13,200 | | | — | | | 13,200 | | | — | | | Total marketable securities measured at fair value | $ | 267,168 | | | $ | 89,726 | | | $ | 177,442 | | | $ | — | |
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| Schedule of Marketable Securities |
The following table presents the amortized cost and estimated fair market value of our cash equivalents and marketable securities as of the dates presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Amortized Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Estimated Fair
Value | | Cash equivalents: | | | | | | | | | Money market funds | $ | 24,121 | | | $ | — | | | $ | — | | | $ | 24,121 | | | | | | | | | | | | | | | | | | | | | | | | | | | Marketable securities: | | | | | | | | | Corporate debt securities | $ | 111,577 | | | $ | 7 | | | $ | (353) | | | $ | 111,231 | | | U.S. treasury securities | 75,378 | | | 41 | | | (65) | | | 75,354 | | | Asset-backed securities | 23,233 | | | 9 | | | (35) | | | 23,207 | | | U.S. government agency securities | 12,697 | | | — | | | (56) | | | 12,641 | | | Commercial paper | 11,178 | | | 3 | | | (1) | | | 11,180 | | | Totals | $ | 258,184 | | | $ | 60 | | | $ | (510) | | | $ | 257,734 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Estimated Fair
Value | | Cash equivalents: | | | | | | | | | Money market funds | $ | 21,536 | | | $ | — | | | $ | — | | | $ | 21,536 | | | U.S. treasury securities | 2,996 | | | — | | | — | | | 2,996 | | | | | | | | | | | | | | | | | | | Marketable securities: | | | | | | | | | Corporate debt securities | $ | 114,066 | | | $ | 63 | | | $ | (27) | | | $ | 114,102 | | | U.S. treasury securities | 89,572 | | | 154 | | | — | | | 89,726 | | | Commercial paper | 28,836 | | | 22 | | | — | | | 28,858 | | | Asset-backed securities | 21,257 | | | 26 | | | (1) | | | 21,282 | | | U.S. government agency securities | 13,195 | | | 5 | | | — | | | 13,200 | | | Totals | $ | 291,458 | | | $ | 270 | | | $ | (28) | | | $ | 291,700 | |
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| Schedule of Available-For-Sale Securities by Contractual Maturity Date |
The following table presents available-for-sale securities by contractual maturity date as of March 31, 2026 (in thousands): | | | | | | | | | | | | | March 31, 2026 | | Amortized Cost | | Estimated Fair Value | Due in one year or less | $ | 137,988 | | | $ | 137,951 | | Due after one year | 96,075 | | | 95,662 | | Total | $ | 234,063 | | | $ | 233,613 | |
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