The fair value of cash equivalents and marketable securities as of June 30, 2026, and December 31, 2025, were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Amortized
Cost | | Gross Unrealized | | Fair Value | | | Gains | | Losses | | | Money market funds | $ | 150,761 | | | $ | — | | | $ | — | | | $ | 150,761 | | | U.S. government securities | 344,931 | | | 2 | | | (338) | | | 344,595 | | | Total cash equivalents and marketable securities | $ | 495,692 | | | $ | 2 | | | $ | (338) | | | $ | 495,356 | | | Classified as: | | | | | | | | | Cash equivalents | | | | | | | $ | 150,761 | | Marketable securities available for sale | | | | | | | 344,595 | | | Total cash equivalents and marketable securities | | | | | | | $ | 495,356 | | | | | | | | | | | December 31, 2025 | | Amortized
Cost | | Gross Unrealized | | Fair Value | | | Gains | | Losses | | | Money market funds | $ | 142,423 | | | $ | — | | | $ | — | | | $ | 142,423 | | | U.S. government securities | 347,467 | | | 285 | | | (1) | | | 347,751 | | | Total cash equivalents and marketable securities | $ | 489,890 | | | $ | 285 | | | $ | (1) | | | $ | 490,174 | | | Classified as: | | | | | | | | | Cash equivalents | | | | | | | $ | 142,423 | | Marketable securities available for sale | | | | | | | 347,751 | | | Total cash equivalents and marketable securities | | | | | | | $ | 490,174 | |
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