v3.26.1
Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Marketable Investments
The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from June 30, 2026. The Company’s marketable investments as of June 30, 2026 and December 31, 2025 were as follows (in thousands):
June 30, 2026
Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$2,231 $— $(1)$2,230 
U.S. treasury securities296,336 28 (334)296,030 
U.S. agency and government-sponsored securities138,573 2 (471)138,104 
Commercial paper7,550 — (9)7,541 
Municipal bonds1,228 — (2)1,226 
Corporate bonds21,738 — (112)21,626 
Total$467,656 $30 $(929)$466,757 
December 31, 2025
Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$1,066 $1 $— $1,067 
U.S. treasury securities266,671 459 — 267,130 
U.S. agency and government-sponsored securities166,170 81 (14)166,237 
Commercial paper7,867 6 — 7,873 
Corporate bonds22,511 17 — 22,528 
Total$464,285 $564 $(14)$464,835 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Certificates of deposit$(1)$1,662 $— $— 
U.S. treasury securities(334)180,106 — — 
U.S. agency and government-sponsored securities(471)136,110 (14)33,935 
Commercial paper(9)7,541 — — 
Municipal bonds(2)1,226 — — 
Corporate bonds(112)21,626 — — 
Total$(929)$348,271 $(14)$33,935 
Schedule of Assets Carried at Fair Value
The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of June 30, 2026 were as follows (in thousands):
CostFair Value
Due within one year$289,436 $289,262 
Due after one year through two years178,220 177,495 
Total$467,656 $466,757 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$28,940 $— $— $28,940 
Certificates of deposit— 1,231 — 1,231 
U.S. treasury securities9,954 — — 9,954 
Total cash equivalents$38,894 $1,231 $— $40,125 
Marketable investments
Certificates of deposit$— $2,230 $— $2,230 
U.S. treasury securities296,030 — — 296,030 
U.S. agency and government sponsored securities— 138,104 — 138,104 
Commercial paper— 7,541 — 7,541 
Municipal bonds— 1,226 — 1,226 
Corporate bonds— 21,626 — 21,626 
Total marketable investments$296,030 $170,727 $— $466,757 
December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$103,637 $— $— $103,637 
Certificates of deposit— 747 — 747 
Total cash equivalents$103,637 $747 $— $104,384 
Marketable investments
Certificates of deposit$— $1,067 $— $1,067 
U.S. treasury securities267,130 — — 267,130 
U.S. agency and government-sponsored securities— 166,237 — 166,237 
Commercial paper— 7,873 — 7,873 
Corporate bonds— 22,528 — 22,528 
Total marketable investments$267,130 $197,705 $— $464,835