v3.26.1
Short-Term Investments
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments Short-Term Investments
The Company invests in marketable securities primarily consisting of debt instruments of the United States Government, United States Government-sponsored enterprises, and financial institutions and corporations with strong credit ratings. The following represents a summary of the estimated fair value of short-term investments as of June 30, 2026 and December 31, 2025 (in thousands):
As of June 30, 2026Amortized
Cost		Gross Unrealized
Gain		Gross Unrealized
Loss		Estimated
Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises$119,482 $166 $(163)$119,485 
United States Treasury securities128,764 4 (468)128,300 
Commercial paper19,492 — (14)19,478 
Corporate debt securities126,206 14 (305)125,915 
Total$393,944 $184 $(950)$393,178 
As of December 31, 2025
Amortized
Cost		Gross Unrealized
Gain		Gross Unrealized
Loss		Estimated
Fair Value
Available-for-sale securities:
United States Government-sponsored enterprises$101,230 $773 $(8)$101,995 
United States Treasury securities34,267 71 — 34,338 
Commercial paper21,500 17 (1)21,516 
Corporate debt securities44,082 102 (1)44,183 
Total$201,079 $963 $(10)$202,032 
The contractual maturities of available-for-sale debt securities as of June 30, 2026 were as follows (in thousands):
Years to Maturity
As of June 30, 2026Within One YearOne to Two Years
Two to Three Years
Estimated Fair Value
United States Government-sponsored enterprises$83,477 $33,021 $2,987 $119,485 
United States Treasury securities72,138 43,762 12,400 128,300 
Commercial paper19,478 — — 19,478 
Corporate debt securities50,716 75,199 — 125,915 
Total$225,809 $151,982 $15,387 $393,178 

The Company has classified all marketable securities as short-term investments, regardless of contractual maturity, based on the Company’s ability and intent to use any of these securities to satisfy the Company’s liquidity needs.
The Company reviews its portfolio of available-for-sale debt securities quarterly to determine if any investment is impaired due to changes in credit risk or other potential valuation concerns.