v3.26.1
Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Marketable Securities by Type of Security
The amortized cost and fair value of our marketable securities by type of security as of March 31, 2026 are as follows:
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Money market fundsLevel 1$17,298 $— $— $17,298 
U.S. treasury securitiesLevel 1334,695 1 (458)334,238 
U.S. government agency securitiesLevel 238,138 — (66)38,072 
The amortized cost and fair value of our marketable securities by type of security as of December 31, 2025 are as follows:
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Money market fundsLevel 1$12,204 $— $— $12,204 
U.S. treasury securitiesLevel 178,268 46 — 78,314 
U.S. government agency securitiesLevel 249,767 15 (1)49,781 
Schedule of Fair Values Marketable Securities by Classification
The fair values of marketable securities, by classification, included in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 are as follows:
(in thousands)As of March 31, 2026As of December 31, 2025
Cash and cash equivalents$167,223 $20,203 
Marketable securities222,385 120,097 
Schedule of Available-For-Sale Debt Securities by Contractual Maturity
The fair value of available-for-sale debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:
As of March 31, 2026As of December 31, 2025
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$289,398 $289,301 $114,003 $114,047 
Due in one year through five years100,733 100,307 26,237 26,253 
Due in five years through ten years— — — — 
Due after ten years— — — — 
Total$390,131 $389,608 $140,240 $140,300