
	June 30, 2026		December 31, 2025

	(in thousands)
Cash equivalents	$	79,994	$	99,768
Short-term marketable securities	197,158		251,657
Long-term marketable securities	236,451		160,270
Total marketable securities	$	513,603	$	511,695


	Fair Value Hierarchy Level	June 30, 2026								December 31, 2025
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

		(in thousands)
Corporate bonds	Level 2	$	361,287	$	133	$	(466)	$	360,954	$	337,164	$	772	$	(2)	$	337,934
Commercial paper	Level 2	3,997		—		—		3,997		—		—		—		—
U.S. government agency securities	Level 2	68,906		—		(248)		68,658		53,990		28		—		54,018
U.S. Treasury securities	Level 1	—		—		—		—		19,957		18		—		19,975
Money market funds	Level 1	79,994		—		—		79,994		99,768		—		—		99,768
Total marketable securities		$	514,184	$	133	$	(714)	$	513,603	$	510,879	$	818	$	(2)	$	511,695

We estimate the fair value of marketable securities classified as Level 1 using quoted market prices obtained from a commercial pricing service for these or identical investments. We estimate the fair value of marketable securities classified as Level 2 using inputs that may include benchmark yields, reported trades, broker/dealer quotes and issuer spreads.

We periodically review our debt securities to determine if any of our investments is impaired due to the issuer’s poor credit or other reasons. If the fair value of our investment is less than our amortized cost, we evaluate quantitative and subjective factors – including, but not limited to, the nature of the security, changes in credit ratings and analyst reports concerning the security’s issuer and industry, and interest rate fluctuations and general market conditions – to determine whether an allowance for credit losses is appropriate.

None of our investments, including those with unrealized losses, are impaired. Unrealized losses on our investments are due to interest rate fluctuations. It is unlikely that we will sell any investments with significant unrealized losses before recovery of their amortized cost basis, which may be at maturity. Accordingly, we have not recorded an allowance for credit losses for these investments.

We classified accrued interest on our marketable securities of $4.5 million and $4.1 million as of June 30, 2026 and December 31, 2025, respectively, as prepaid expenses and other current assets on our condensed consolidated balance sheets.

As of June 30, 2026, all of our long-term marketable securities had original maturities of no more than 25 months and all of our marketable securities classified as short-term have maturities of less than one year. The weighted-average maturity of our short-term and long-term marketable securities was ten months. As of June 30, 2026, our long-term marketable securities had remaining maturities between 13 months and 24 months. None of our marketable securities changed from one fair value hierarchy to another during the three and six months ended June 30, 2026.