
	As of March 31, 2026
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	8,500	$	—	$	(2)	$	8,498

Money market funds	174,953		—		—		174,953

Total cash equivalents	183,453		—		(2)		183,451
Marketable securities:


Commercial paper	11,314		—		(2)		11,312
Corporate notes and bonds	390,900		341		(468)		390,773

U.S. government and agency securities	127,169		246		(77)		127,338
Total marketable securities	529,383		587		(547)		529,423
Total cash equivalents and marketable securities	$	712,836	$	587	$	(549)	$	712,874


	As of March 31, 2025
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Commercial paper	$	73,055	$	—	$	(8)	$	73,047

Money market funds	84,475		—		—		84,475

Total cash equivalents	157,530		—		(8)		157,522
Marketable securities:


Commercial paper	42,860		7		(4)		42,863
Corporate notes and bonds	501,202		1,373		(131)		502,444

U.S. government and agency securities	160,212		532		(1)		160,743
Total marketable securities	704,274		1,912		(136)		706,050
Total cash equivalents and marketable securities	$	861,804	$	1,912	$	(144)	$	863,572

As of March 31, 2026 and 2025, the Company has recognized accrued interest of $5.3 million and $5.8 million, respectively, which is included in prepaid expenses and other current assets in the consolidated balance sheets.

The unrealized losses associated with the Company’s debt securities were immaterial as of March 31, 2026 and March 31, 2025. As the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or until the cost basis is recovered, the Company did not recognize any impairment on these securities as of March 31, 2026 and 2025. The Company did not recognize any credit losses related to the Company’s debt securities as of March 31, 2026 and 2025. The fair value related to the debt securities with unrealized loss for which no credit losses were recognized was $207.6 million and $177.3 million as of March 31, 2026 and 2025, respectively.

The following tables summarize the gross unrealized losses and fair values of investments in an unrealized loss position, aggregated by security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):


	As of March 31, 2026
	Less than 12 months				12 months or greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


Commercial paper	$	19,810	$	(4)	$	—	$	—	$	19,810	$	(4)
Corporate notes and bonds	168,326		(468)		—		—		168,326		(468)

U.S. government and agency securities	19,480		(77)		—		—		19,480		(77)
Total	$	207,616	$	(549)	$	—	$	—	$	207,616	$	(549)


	As of March 31, 2025
	Less than 12 months				12 months or greater				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses


Commercial paper	$	84,043	$	(12)	$	—	$	—	$	84,043	$	(12)
Corporate notes and bonds	80,981		(131)		—		—		80,981		(131)

U.S. government and agency securities	12,241		(1)		—		—		12,241		(1)
Total	$	177,265	$	(144)	$	—	$	—	$	177,265	$	(144)