| Schedule of Debt Securities, Available-for-sale |
The Company’s marketable securities consisted of the following as of June 30, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | June 30, 2026 | | | | | | | | | | | | | | | | | | | U.S. treasury securities | | $ | 322,051 | | | $ | — | | | $ | (608) | | | $ | 321,443 | | | Corporate paper and bonds | | 495,648 | | | 7 | | | (554) | | | 495,101 | | | | | | | | | | | | Total | | $ | 817,699 | | | $ | 7 | | | $ | (1,162) | | | $ | 816,544 | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | | | | | | U.S. treasury securities | | $ | 223,526 | | | $ | 254 | | | $ | (9) | | | $ | 223,771 | | | Corporate paper and bonds | | 438,297 | | | 241 | | | (39) | | | 438,499 | | | | | | | | | | | | Total | | $ | 661,823 | | | $ | 495 | | | $ | (48) | | | $ | 662,270 | | | | | | | | | | |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Quoted Prices in Active Markets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | Total | | June 30, 2026 | | | | | | | | | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 130,209 | | | $ | — | | | $ | — | | | $ | 130,209 | | | | | | | | | | | | Corporate paper and bonds | | — | | | 22,605 | | | — | | | 22,605 | | | Marketable securities: | | | | | | | | | | U.S. treasury securities | | — | | | 321,443 | | | — | | | 321,443 | | | Corporate paper and bonds | | — | | | 495,101 | | | — | | | 495,101 | | | Total cash equivalents and marketable securities | | $ | 130,209 | | | $ | 839,149 | | | $ | — | | | $ | 969,358 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Derivative liability | | $ | — | | | $ | — | | | $ | 13,690 | | | $ | 13,690 | | | Total liabilities | | $ | — | | | $ | — | | | $ | 13,690 | | | $ | 13,690 | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 191,308 | | | $ | — | | | $ | — | | | $ | 191,308 | | | Corporate paper and bonds | | — | | | 14,624 | | | — | | | 14,624 | | | Marketable securities: | | | | | | | | | | U.S. agency and treasury securities | | — | | | 223,771 | | | — | | | 223,771 | | | Corporate paper and bonds | | — | | | 438,499 | | | — | | | 438,499 | | | Total cash equivalents and marketable securities | | $ | 191,308 | | | $ | 676,894 | | | $ | — | | | $ | 868,202 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Derivative liability | | $ | — | | | $ | — | | | $ | 20,030 | | | $ | 20,030 | | | Total liabilities | | $ | — | | | $ | — | | | $ | 20,030 | | | $ | 20,030 | |
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