| Schedule of Cash Equivalents and Marketable Securities |
The following tables summarize
the cash equivalents and marketable securities, which are classified as available-for-sale as of March 31, 2026 and December 31, 2025
(in thousands):
| | |
March 31, 2026 | |
| | |
Amortized
Cost | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| Cash equivalents | |
| | |
| | |
| | |
| |
| Money market funds | |
$ | 13,627 | | |
$ | — | | |
$ | — | | |
$ | 13,627 | |
| Commercial papers | |
| 31,792 | | |
| — | | |
| (5 | ) | |
| 31,787 | |
| Total cash equivalents | |
| 45,419 | | |
| — | | |
| (5 | ) | |
| 45,414 | |
| Marketable securities | |
| | | |
| | | |
| | | |
| | |
| Marketable securities, current | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 193,740 | | |
| 61 | | |
| (54 | ) | |
| 193,747 | |
| U.S. government agency securities | |
| 26,606 | | |
| 7 | | |
| (6 | ) | |
| 26,607 | |
| Commercial papers | |
| 18,996 | | |
| — | | |
| (17 | ) | |
| 18,979 | |
| Corporate debt securities | |
| 100,136 | | |
| 3 | | |
| (163 | ) | |
| 99,976 | |
| Total marketable securities, current | |
| 339,478 | | |
| 71 | | |
| (240 | ) | |
| 339,309 | |
| Marketable securities, long-term | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 75,530 | | |
| 2 | | |
| (200 | ) | |
| 75,332 | |
| Corporate debt securities | |
| 18,994 | | |
| — | | |
| (67 | ) | |
| 18,927 | |
| U.S. government agency securities | |
| 12,905 | | |
| — | | |
| (41 | ) | |
| 12,864 | |
| Total marketable securities, long-term | |
| 107,429 | | |
| 2 | | |
| (308 | ) | |
| 107,123 | |
| Total cash equivalents and marketable securities | |
$ | 492,326 | | |
$ | 73 | | |
$ | (553 | ) | |
$ | 491,846 | |
| | |
December 31, 2025 | |
| | |
Amortized
Cost | | |
Gross
Unrealized
Gains | | |
Gross
Unrealized
Losses | | |
Fair Value | |
| Cash equivalents | |
| | |
| | |
| | |
| |
| Money market funds | |
$ | 30,268 | | |
$ | — | | |
$ | — | | |
$ | 30,268 | |
| Commercial papers | |
| 14,484 | | |
| — | | |
| (1 | ) | |
| 14,483 | |
| Total cash equivalents | |
| 44,752 | | |
| — | | |
| (1 | ) | |
| 44,751 | |
| Marketable securities | |
| | | |
| | | |
| | | |
| | |
| Marketable securities, current | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 195,607 | | |
| 308 | | |
| — | | |
| 195,915 | |
| U.S. government agency securities | |
| 28,724 | | |
| 33 | | |
| — | | |
| 28,757 | |
| Commercial papers | |
| 21,239 | | |
| 2 | | |
| — | | |
| 21,241 | |
| Corporate debt securities | |
| 44,173 | | |
| 26 | | |
| (3 | ) | |
| 44,196 | |
| Total marketable securities, current | |
| 289,743 | | |
| 369 | | |
| (3 | ) | |
| 290,109 | |
| Marketable securities, long-term | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 75,612 | | |
| 118 | | |
| — | | |
| 75,730 | |
| Corporate debt securities | |
| 54,949 | | |
| 55 | | |
| (6 | ) | |
| 54,998 | |
| U.S. government agency securities | |
| 11,797 | | |
| 14 | | |
| — | | |
| 11,811 | |
| Total marketable securities, long-term | |
| 142,358 | | |
| 187 | | |
| (6 | ) | |
| 142,539 | |
| Total cash equivalents and marketable securities | |
$ | 476,853 | | |
$ | 556 | | |
$ | (10 | ) | |
$ | 477,399 | |
|
| Schedule of Available-for-Sale Securities in an Unrealized Loss Position |
The following table summarizes
the available-for-sale securities in an unrealized loss position, aggregated by major security type and length of time in a continuous
unrealized loss position, for which an allowance for credit losses was not recorded as of March 31, 2026 and December 31, 2025 (in thousands):
| | |
March 31, 2026 | |
| | |
Less than 12 months | | |
12 months or longer | | |
Total | |
| | |
Fair Value | | |
Unrealized
Losses | | |
Fair Value | | |
Unrealized
Losses | | |
Fair Value | | |
Unrealized
Losses | |
| Cash equivalents | |
| | |
| | |
| | |
| | |
| | |
| |
| Commercial papers | |
$ | 31,787 | | |
$ | (5 | ) | |
$ | — | | |
$ | — | | |
$ | 31,787 | | |
$ | (5 | ) |
| Marketable securities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Marketable securities, current | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 89,012 | | |
| (54 | ) | |
| — | | |
| — | | |
| 89,012 | | |
| (54 | ) |
| U.S. government agency securities | |
| 12,454 | | |
| (6 | ) | |
| — | | |
| — | | |
| 12,454 | | |
| (6 | ) |
| Commercial papers | |
| 18,979 | | |
| (17 | ) | |
| — | | |
| — | | |
| 18,979 | | |
| (17 | ) |
| Corporate debt securities | |
| 91,371 | | |
| (163 | ) | |
| — | | |
| — | | |
| 91,371 | | |
| (163 | ) |
| Marketable securities, long-term | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 73,325 | | |
| (200 | ) | |
| — | | |
| — | | |
| 73,325 | | |
| (200 | ) |
| Corporate debt securities | |
| 18,927 | | |
| (67 | ) | |
| — | | |
| — | | |
| 18,927 | | |
| (67 | ) |
| U.S. government agency securities | |
| 12,864 | | |
| (41 | ) | |
| — | | |
| — | | |
| 12,864 | | |
| (41 | ) |
| Total | |
$ | 348,719 | | |
$ | (553 | ) | |
$ | — | | |
$ | — | | |
$ | 348,719 | | |
$ | (553 | ) |
| | |
December 31, 2025 | |
| | |
Less than 12 months | | |
12 months or longer | | |
Total | |
| | |
Fair Value | | |
Unrealized
Losses | | |
Fair Value | | |
Unrealized
Losses | | |
Fair Value | | |
Unrealized
Losses | |
| Cash equivalents | |
| | |
| | |
| | |
| | |
| | |
| |
| Commercial papers | |
$ | 14,483 | | |
$ | (1 | ) | |
$ | — | | |
$ | — | | |
$ | 14,483 | | |
$ | (1 | ) |
| Marketable securities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Marketable securities, current | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Corporate debt securities | |
| 8,771 | | |
| (3 | ) | |
| — | | |
| — | | |
| 8,771 | | |
| (3 | ) |
| Marketable securities, long-term | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Corporate debt securities | |
| 6,143 | | |
| (6 | ) | |
| — | | |
| — | | |
| 6,143 | | |
| (6 | ) |
| Total | |
$ | 29,397 | | |
$ | (10 | ) | |
$ | — | | |
$ | — | | |
$ | 29,397 | | |
$ | (10 | ) |
|