Financial Instruments

6 Months Ended

Jun. 30, 2026

The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table (in thousands):


	June 30, 2026
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents and investments:
Money market funds	$	244,714	$	—	$	—	$	244,714
U.S. treasury bills	9,887		—		(4)		9,883
Corporate debt securities	131,258		5		(257)		131,006
U.S. government bonds	73,414		1		(142)		73,273
Agency bonds	16,500		—		(69)		16,431
Commercial paper	17,970		—		—		17,970
Total cash equivalents and investments	$	493,743	$	6	$	(472)	$	493,277
Classified as:
Cash equivalents							$	262,684
Short-term investments							107,563
Long-term investments							123,030
Total cash equivalents and investments							$	493,277


	December 31, 2025
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents and investments:
Money market funds	$	254,376	$	—	$	—	$	254,376

Corporate debt securities	72,170		107		—		72,277
U.S. government bonds	16,984		32		—		17,016
Commercial paper	5,455		1		—		5,456
Total cash equivalents and investments	$	348,985	$	140	$	—	$	349,125
Classified as:
Cash equivalents							$	254,376
Short-term investments							86,644
Long-term investments							8,105
Total cash equivalents and investments							$	349,125

As of June 30, 2026, the remaining contractual maturities of available-for-sale debt securities were as follows (in thousands):


	Estimated Fair Value
Due within one year	$	125,533
One to two years	123,030
Total	$	248,563

During the three and six months ended June 30, 2026 and 2025, there have been no material realized gains or losses on available-for-sale investments, no investments have been in a continuous unrealized loss position for more than 12 months, and the Company did not recognize any credit losses on these securities.