Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis included the following as of June 30, 2026 (in thousands):

          
         Using

          
         Significant

          
         Quoted Prices

         Other

         Significant

          
         in Active

         Observable

         Unobservable

         Total Fair

          
         Markets

         Inputs

         Inputs

         Value as of

          
         (Level 1)

         (Level 2)

         (Level 3)

         June 30, 2026

         Cash equivalents:

Money market funds

$

412,129

$

—

$

—

$

412,129

         Long-term investment:

Failed Auction Security

—

—

2,525

2,525

Assets and liabilities measured at fair value on a recurring basis included the following as of December 31, 2025 (in thousands):

          
         Using

          
         Significant

          
         Quoted Prices

         Other

         Significant

          
         in Active

         Observable

         Unobservable

         Total Fair

          
         Markets

         Inputs

         Inputs

         Value as of

          
         (Level 1)

         (Level 2)

         (Level 3)

         December 31, 2025

         Cash equivalents:

Money market funds

$

367,340

$

—

$

—

$

367,340

         Long-term investment:

Failed Auction Security

—

—

2,462

2,462

Change in Estimated Fair Values Calculated for Investment Valued on Recurring Basis Utilizing Level 3 Inputs

The change in the estimated fair value calculated for the investment valued on a recurring basis utilizing Level 3 inputs (i.e., the Failed Auction Security) for the six months ended June 30, 2026 was as follows (in thousands):


Balance at the beginning of the period		$	2,462
Gain included in Other comprehensive income			63
Balance at the end of the period		$	2,525