Short-Term and Long-Term Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Estimated Fair Value of Short-term and Long-term Investments

The following represents a summary of the estimated fair value of short-term and long-term investments at June 30, 2026 and December 31, 2025:


		Fair Value Measurements at
		June 30, 2026
		Amortized				Unrealized				Unrealized				Estimated
		Cost				Gains				Losses				Fair Value
		(in thousands)
Short-term investments
U.S. Treasury securities		$	136,348				—			$	(177	)		$	136,171
Long-term investments
U.S. Treasury securities			44,861				—				(213	)			44,648
Total		$	181,209			$	—			$	(390	)		$	180,819


		Fair Value Measurements at
		December 31, 2025
		Amortized				Unrealized				Unrealized				Estimated
		Cost				Gains				Losses				Fair Value
		(in thousands)
Short-term investments
U.S. Treasury securities		$	187,167			$	382			$	—			$	187,549
Long-term investments
U.S. Treasury securities			45,411				20				—				45,431
Total		$	232,578			$	402			$	—			$	232,980

Contractual Maturities of Available-for-Sale Debt Securities

The following represents the contractual maturities of available-for-sale debt securities as of June 30, 2026:


		Fair Value Measurements at
		June 30, 2026
		Years to Maturity
		Within One				One to Two				More Than Two				Estimated
		Year				Years				Years				Fair Value
		(in thousands)
U.S. Treasury securities		$	136,171			$	44,648			$	—			$	180,819
Total		$	136,171			$	44,648			$	—			$	180,819