Investment Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Unrealized Gains and Losses, Allowances for Credit Losses and Fair Value of Available-for-Sale Investments Aggregated by Maturity and Security Type

The Company’s investment securities consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):


		As of June 30, 2026
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
U.S. Treasury securities	Within 1 year	$	100,077	$	41	$	(140	)	$	—	$	99,978
U.S. Treasury securities	Greater than 1 year		80,183		—		(540	)		—		79,643
U.S. Government agency securities	Greater than 1 year		15,000		—		(132	)		—		14,868
Total		$	195,260	$	41	$	(812	)	$	—	$	194,489

		As of December 31, 2025
											Estimated
									Allowance		Fair
		Amortized		Unrealized		Unrealized			for Credit		Market
	Maturity	Cost		Gains		Losses			Losses		Value
U.S. Treasury securities	Within 1 year	$	102,285	$	247	$	—		$	—	$	102,532
U.S. Treasury securities	Greater than 1 year		85,301		165		—			—		85,466
U.S. Government agency securities	Greater than 1 year		15,000		2		(11	)		—		14,991
Total		$	202,586	$	414	$	(11	)	$	—	$	202,989

Summary of Available-for-Sale Investments in an Unrealized Loss Position

The following tables present available-for-sale investments that were in an unrealized loss position as of June 30, 2026 and December 31, 2025, aggregated by security type and length of time in a continuous unrealized loss position (in thousands):


	As of June 30, 2026
	Less than 12 Months					12 Months or Greater		Total
	Estimated					Estimated		Estimated
	Fair					Fair		Fair
	Market		Unrealized			Market		Market		Unrealized
	Value		Losses			Value		Value		Losses
U.S. Treasury securities	$	139,608	$	(680	)	$	—	$	139,608	$	(680	)
U.S. Government agency securities		14,868		(132	)		—		14,868		(132	)
Total	$	154,476	$	(812	)	$	—	$	154,476	$	(812	)

	As of December 31, 2025
	Less than 12 Months					12 Months or Greater		Total
	Estimated					Estimated		Estimated
	Fair					Fair		Fair
	Market		Unrealized			Market		Market		Unrealized
	Value		Losses			Value		Value		Losses
U.S. Government agency securities	$	9,989	$	(11	)	$	—	$	9,989	$	(11	)
Total	$	9,989	$	(11	)	$	—	$	9,989	$	(11	)