Investments and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

The Company’s marketable and non-marketable investments as of June 30, 2026 and December 31, 2025 were as follows (in thousands):


	June 30, 2026
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:
Commercial paper	$	252,488	$	3	$	(39)	$	—	$	252,452
Certificate of deposit	21,599		1		(3)		—		21,597
U.S. treasury	3,002		—		(25)		—		2,977


Corporate bonds	177,693		—		(1,195)		—		176,498

Total	454,782		4		(1,262)		—		453,524
Non-marketable investments:
Non-marketable debt securities	10,000		3,761		—		—		13,761
Total	10,000		3,761		—		—		13,761
Total	$	464,782	$	3,765	$	(1,262)	$	—	$	467,285


	December 31, 2025
			Securities with net gains or losses in accumulated other comprehensive income (loss)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Loss		Fair Value
Marketable investments:
Commercial paper	$	178,584	$	30	$	(2)	$	—	$	178,612
Certificate of deposit	8,374		4		—		—		8,378
U.S. treasury	2,801		—		(1)		—		2,800


Corporate bonds	168,046		143		(60)		—		168,129

Total	357,805		177		(63)		—		357,919
Non-marketable investments:
Non-marketable debt securities	10,000		3,761		—		—		13,761
Total	10,000		3,761		—		—		13,761
Total	$	367,805	$	3,938	$	(63)	$	—	$	371,680

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following tables present the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than and more than twelve months as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:
Commercial paper	$	214,204	$	(39)	$	—	$	—	$	214,204	$	(39)
Certificate of deposit	14,147		(3)		—		—		14,147		(3)
U.S. treasury	2,977		(25)		—		—		2,977		(25)


Corporate bonds	174,933		(1,195)		—		—		174,933		(1,195)

Total	$	406,261	$	(1,262)	$	—	$	—	$	406,261	$	(1,262)


	December 31, 2025
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable investments:
Commercial paper	$	37,855	$	(2)	$	—	$	—	$	37,855	$	(2)

U.S. treasury	—		—		1,400		(1)		1,400		(1)


Corporate bonds	48,817		(60)		—		—		48,817		(60)

Total	$	86,672	$	(62)	$	1,400	$	(1)	$	88,072	$	(63)

Schedule of Contractual Maturities of Marketable Investments

The contractual maturities of the Company’s marketable investments as of June 30, 2026 (in thousands):


	June 30, 2026
Marketable investments:	Amortized Cost		Fair Value
Due in one year	$	313,314	$	313,199
Due in one to five years	141,468		140,325
Total	$	454,782	$	453,524

Schedule of Fair Value of Assets and Liabilities

The following tables set forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:

Commercial paper	$	—	$	61,370	$	—	$	61,370
Certificate of deposit	—		6,243		—		6,243

Money market funds	56,311		—		—		56,311





Marketable investments:
Commercial paper	—		252,452		—		252,452
Certificate of deposit	—		21,597		—		21,597
U.S. treasury	2,977		—		—		2,977


Corporate bonds	—		176,498		—		176,498

Non-marketable investment:
Non-marketable investment	—		—		13,761		13,761
Total	$	59,288	$	518,160	$	13,761	$	591,209


	As of December 31, 2025
	Level 1		Level 2		Level 3		Fair Value
Financial Assets
Cash equivalents:



Money market funds	$	96,681	$	—	$	—	$	96,681

Marketable investments:
Commercial paper	—		178,612		—		178,612
Certificate of deposit	—		8,378		—		8,378
U.S. treasury	2,800		—		—		2,800


Corporate bonds	—		168,129		—		168,129


Non-marketable investment:
Non-marketable investment	—		—		13,761		13,761
Total	$	99,481	$	355,119	$	13,761	$	468,361