v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Value
The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of June 30, 2026 (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable SecuritiesPrepaid Expenses and Other AssetsOther Assets
Level 1:
Cash$68,453 $— $— $68,453 $68,453 $— $— $— 
Restricted cash (1)
2,327 — — 2,327 — — 259 2,068 
Money market mutual funds61,286 — — 61,286 61,286 — — — 
U.S. treasury securities23,596 — (1)23,595 — 23,595 — — 
Subtotal155,662 — (1)155,661 129,739 23,595 259 2,068 
Level 2:
Commercial paper12,090 — — 12,090 — 12,090 — — 
Certificates of deposit1,533 — — 1,533 — 1,533 — — 
Corporate notes and obligations6,843 1 (1)6,843 — 6,843 — — 
Asset-backed securities8 — — 8 — 8 — — 
Subtotal20,474 1 (1)20,474 — 20,474 — — 
Total cash, cash equivalents, marketable securities, and restricted cash$176,136 $1 $(2)$176,135 $129,739 $44,069 $259 $2,068 
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(1)     The Company’s credit facility expired on its maturity date of April 30, 2026, and the Company elected not to renew it. Letters of credit previously issued against the credit facility remain outstanding and are cash collateralized by a $2.3 million restricted deposit. These funds are legally restricted from general corporate use and are released over time based on the terms of the Company’s lease agreements. Amounts with restriction periods of less than twelve months are classified within “Prepaid expenses and other assets” and amounts with restriction periods of twelve months or longer are classified within “Other assets” on the Company’s condensed consolidated balance sheets. As of June 30, 2026, restricted cash of $0.3 million was included in “Prepaid expenses and other assets” and $2.1 million was included in “Other assets.”
As of December 31, 2025, the Company’s financial assets consisted of the following (in thousands):
Balance Sheet Classification
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Level 1:
Cash$158,093 $— $— $158,093 $158,093 $— 
Money market mutual funds22,336 — — 22,336 22,336 — 
U.S. treasury securities99,553 38 — 99,591 — 99,591 
Subtotal279,982 38 — 280,020 180,429 99,591 
Level 2:
Commercial paper29,569 — — 29,569 3,782 25,787 
Corporate notes and obligations87,221 12 (21)87,212 3,817 83,395 
Asset-backed securities12,334 3 (1)12,336 — 12,336 
Subtotal129,124 15 (22)129,117 7,599 121,518 
Total cash, cash equivalents, and marketable securities$409,106 $53 $(22)$409,137 $188,028 $221,109 
Schedule of Available-for-sale Debt Securities by Contractual Maturity
The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of June 30, 2026 (in thousands):
Due within 1 year$41,556 
Due after 1 year through 5 years2,513 
Total available-for-sale debt securities$44,069 
Schedule of Available-for-sale Debt Securities
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
December 31, 2025
Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$3,872 $(1)$37,956 $(21)
Asset-backed securities— — 6,411 (1)
U.S. treasury securities23,594 (1)— — 
Total available-for-sale debt securities$27,466 $(2)$44,367 $(22)