v3.26.1
Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Investments
Investments are classified as available-for-sale and are reported at their estimated fair market values which are based on quoted, active or inactive market prices when available.
June 30, 2026
AmortizedUnrealized GrossAggregate
CostGainsLossesFair Value
Short-Term:
Commercial paper$14,663 $— $(17)$14,646 
Corporate debt securities72,391 43 (39)72,395 
U.S. treasury debt securities105,904 15 (37)105,882 
Short-term investments$192,958 $58 $(93)$192,923 
Long-Term:
Corporate debt securities$39,471 $1 $(101)$39,371 
Asset-backed securities3,116 1 (3)3,114 
U.S. treasury debt securities52,343 — (348)51,995 
Long-term investments$94,930 $2 $(452)$94,480 

December 31, 2025
AmortizedUnrealized GrossAggregate
CostGainsLossesFair Value
Short-Term:
Commercial paper$22,103 $25 $— $22,128 
Corporate debt securities57,694 134 — 57,828 
U.S. treasury debt securities123,281 220 (2)123,499 
Short-term investments$203,078 $379 $(2)$203,455 
Long-Term:
Corporate debt securities$58,726 $128 $(9)$58,845 
Asset-backed securities1,198 3 — 1,201 
U.S. treasury debt securities36,094 190 — 36,284 
Long-term investments$96,018 $321 $(9)$96,330 
The following table shows the fair value of our available-for sale securities by maturity:
June 30, 2026December 31, 2025
Due in one year or less$192,923 $203,455 
Due after one year through five years94,480 96,330 
The following tables show all available-for-sale investments in an unrealized loss position for which an allowance for credit losses has not been recorded and the related gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
June 30, 2026
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Commercial paper$14,646 $(17)$— $— $14,646 $(17)
Corporate debt securities66,895 (141)— — 66,895 (141)
Asset-backed securities2,324 (3)— — 2,324 (3)
U.S. treasury debt securities108,399 (384)— — 108,399 (384)
Total$192,264 $(545)$— $— $192,264 $(545)
December 31, 2025
Less than 12 Months12 Months or GreaterTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Corporate debt securities$13,231 $(9)$— $— $13,231 $(9)
U.S. treasury debt securities26,474 (2)— — 26,474 (2)
Total$39,705 $(11)$— $— $39,705 $(11)
Currently, we do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. We do not consider those investments to be other-than-temporarily impaired as of June 30, 2026. We recognized no gross realized gains and losses from the sale or maturity of available-for-sale investments during each of the three and six months ended June 30, 2026 and 2025. The total allowance for credit losses related to investments was $0 at both June 30, 2026 and December 31, 2025.
Fair Value of Financial Instruments
Financial assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement: Level 1 (observable inputs, such as quoted prices (unadjusted) for identical assets or liabilities in active markets); Level 2 (inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly); and Level 3 (unobservable inputs that are supported by little or no market activities, which would require us to develop our own assumptions). We do not have any Level 3 financial assets or liabilities.
The following tables set forth by level within the fair value hierarchy our assets that are measured on a recurring basis and reported at fair value as of June 30, 2026 and December 31, 2025.
Fair Value Measurements as of
June 30, 2026
Estimated
Fair Value		Level 1Level 2Level 3
Cash equivalents:
Money market funds$83,158 $83,158 $— $— 
Total cash equivalents83,158 83,158 — — 
Investments:
Commercial paper14,646 — 14,646 — 
Corporate debt securities111,766 — 111,766 — 
Asset-backed securities3,114 — 3,114 — 
U.S. government securities157,877 157,877 — — 
Total investments287,403 157,877 129,526 — 
Total cash equivalents and investments$370,561 $241,035 $129,526 $— 
Fair Value Measurements as of
December 31, 2025
Estimated
Fair Value		Level 1Level 2Level 3
Cash equivalents:
Money market funds$64,378 $64,378 $— $— 
Total cash equivalents64,378 64,378 — — 
Investments:
Commercial paper22,128 — 22,128 — 
Corporate debt securities116,673 — 116,673 — 
Asset-backed securities1,201 — 1,201 — 
U.S. treasury debt securities159,783 159,783 — — 
Total investments299,785 159,783 140,002 — 
Total cash equivalents and investments$364,163 $224,161 $140,002 $— 
Equity Securities without Readily Determinable Fair Values
For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The balance of equity securities without readily determinable fair values was $17.3 million and $16.4 million as of June 30, 2026 and December 31, 2025, respectively, and are presented within other non-current assets on the consolidated balance sheet. We recognized an increase in value of $0.3 million during the three and six months ended June 30, 2026, and we recognized an impairment charge of $4.0 million during the three and six months ended June 30, 2025, in both cases in other expense, net in the consolidated statements of operations due to observable price changes in the equity securities.