v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Fair Value Hierarchy of Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):

 

Fair Value Measurements at

 

 

June 30, 2026

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

49,251

 

 

$

—

 

 

$

—

 

 

$

49,251

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

—

 

 

 

9,697

 

 

 

—

 

 

 

9,697

 

Government securities

 

—

 

 

 

256,559

 

 

 

—

 

 

 

256,559

 

Government agency securities

 

—

 

 

 

106,209

 

 

 

—

 

 

 

106,209

 

 

$

49,251

 

 

$

372,465

 

 

$

—

 

 

$

421,716

 

 

 

Fair Value Measurements at

 

 

December 31, 2025

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

Money market funds

$

47,947

 

 

$

—

 

 

$

—

 

 

$

47,947

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

 

—

 

 

 

79,359

 

 

 

—

 

 

 

79,359

 

Government securities

 

—

 

 

 

248,398

 

 

 

—

 

 

 

248,398

 

Government agency securities

 

—

 

 

 

110,137

 

 

 

—

 

 

 

110,137

 

$

47,947

 

 

$

437,894

 

 

$

—

 

 

$

485,841

 
Schedule of Short-Term Investments

Short-term investments consisted of the following (in thousands):

 

June 30, 2026

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

$

9,715

 

 

$

—

 

 

$

(18

)

 

$

9,697

 

Government securities

 

257,333

 

 

 

—

 

 

 

(774

)

 

 

256,559

 

Government agency securities

 

106,687

 

 

 

—

 

 

 

(478

)

 

 

106,209

 

$

373,735

 

 

$

—

 

 

$

(1,270

)

 

$

372,465

 

 

December 31, 2025

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bills

$

79,334

 

 

$

25

 

 

$

—

 

 

$

79,359

 

Government securities

 

247,968

 

 

 

430

 

 

 

—

 

 

 

248,398

 

Government agency securities

 

110,046

 

 

 

91

 

 

 

—

 

 

 

110,137

 

$

437,348

 

 

$

546

 

 

$

—

 

 

$

437,894

 
Summary of Contractual Maturities of Short-term Investments in Available-for-Sale Debt Securities

The contractual maturities of the Company’s short-term investments in available-for-sale debt securities held were as follows (in thousands):

 

June 30,

 

 

December 31,

 

 

2026

 

 

2025

 

Due within one year

$

232,528

 

 

$

243,613

 

Due between one and two years

 

139,937

 

 

 

194,281

 

$

372,465

 

 

$

437,894