Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Marketable securities, classified as available-for-sale, consisted of the following (in thousands):


	As of June 30, 2026								As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Corporate securities	$	172,796	$	25	$	(225)	$	172,596	$	184,414	$	397	$	(3)	$	184,808
U.S. Treasury and agency securities	101,879		16		(378)		101,517		94,148		246		(4)		94,390

Asset-backed securities	28,520		51		(15)		28,556		27,419		99		(2)		27,516
Debt securities	$	303,195	$	92	$	(618)	$	302,669	$	305,981	$	742	$	(9)	$	306,714

Schedule of Cost and Estimated Fair Values of Available-for-sale Securities by Contractual Maturity

The following table summarizes the cost and estimated fair value of our marketable securities based on stated effective maturities as of June 30, 2026 (excluding publicly held equity securities, in thousands):


As of June 30, 2026	Amortized Cost		Fair Value
Less than 1 year	$	186,302	$	186,239
Mature in 1 - 3 years	116,893		116,430
Debt securities	$	303,195	$	302,669

Schedule of Cash, Cash Equivalents and Available-for-sale Investments Measured at Fair Value on Recurring Basis

The following is a summary of our cash, cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):


	As of June 30, 2026								As of December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash	$	47,484	$	—	$	—	$	47,484	$	62,348	$	—	$	—	$	62,348
Cash equivalents	7,195		—		—		7,195		8,791		—		—		8,791

Corporate securities	—		172,596		—		172,596		—		184,808		—		184,808
U.S. Treasury and agency securities	79,315		22,202		—		101,517		73,458		20,932		—		94,390

Asset-backed securities	—		28,556		—		28,556		—		27,516		—		27,516
	$	133,994	$	223,354	$	—	$	357,348	$	144,597	$	233,256	$	—	$	377,853

Unrealized Gain (Loss) on Investments

Marketable securities in an unrealized loss position as of June 30, 2026 consisted of the following (in thousands):


	Less Than 12 Months				12 Months or More				Total
As of June 30, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate securities	$	111,040	$	(218)	$	—	$	—	$	111,040	$	(218)
U.S. Treasury and agency securities	92,376		(385)		—		—		92,376		(385)
Asset-backed securities	12,719		(15)		—		—		12,719		(15)
Total	$	216,135	$	(618)	$	—	$	—	$	216,135	$	(618)

Marketable securities in an unrealized loss position as of December 31, 2025 consisted of the following (in thousands):


	Less Than 12 Months				12 Months or More				Total
As of December 31, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate securities	$	12,024	$	(3)	$	—	$	—	$	12,024	$	(3)
U.S. Treasury and agency securities	13,194		(4)		—		—		13,194		(4)
Asset-backed securities	3,348		(2)		—		—		3,348		(2)
Total	$	28,566	$	(9)	$	—	$	—	$	28,566	$	(9)