The Company’s cash equivalents and marketable securities classified as Level 1 financial instruments are composed of U.S. treasury securities and money market funds. Level 1 financial instruments are in active markets using unadjusted quoted market prices for identical instruments.

The Company’s marketable securities classified as Level 2 financial instruments are composed of investment-grade corporate and government agency securities and commercial paper. Level 2 financial instruments are not in active markets but are from a primary professional pricing source that uses quoted market prices for identical or comparable instruments, rather than direct observations of quoted prices in active markets. Fair values obtained from this professional pricing source can also be based on pricing models whereby all significant observable inputs, including maturity dates, issue dates, settlement dates, benchmark yields, reported trades, broker-dealer quotes, issue spreads, benchmark securities, bids, offers or other market related data, are observable or can be derived from, or corroborated by, observable market data for substantially the full term of the asset. The Company validates the quoted market prices provided by its primary pricing service by comparing the fair values of its Level 2 marketable securities portfolio balance provided by its primary pricing service against the fair values provided by the Company’s marketable security managers.


		June 30, 2026
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	228,841	$	—	$	—	$	228,841
Commercial paper	Level 2	15,104		—		(2)		15,102
Total cash equivalents		243,945		—		(2)		243,943
Marketable securities:
Commercial paper	Level 2	65,719		1		(16)		65,704
U.S. treasury securities	Level 1	8,054		—		—		8,054
Agency bonds	Level 2	25,298		—		(52)		25,246
Corporate bonds	Level 2	4,166		—		(3)		4,163
Total short-term marketable securities		103,237		1		(71)		103,167
Agency bonds	Level 2	75,187		—		(235)		74,952
Corporate bonds	Level 2	9,847		—		(57)		9,790
Total long-term marketable securities		85,034		—		(292)		84,742
Total assets		$	432,216	$	1	$	(365)	$	431,852


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	167,569	$	—	$	—	$	167,569
Total cash equivalents		167,569		—		—		167,569
Marketable securities:
Commercial paper	Level 2	105,824		56		—		105,880
U.S. treasury securities	Level 1	30,882		11		—		30,893
Agency bonds	Level 2	14,999		—		(14)		14,985
Corporate bonds	Level 2	4,108		1		—		4,109
Total short-term marketable securities		155,813		68		(14)		155,867
Agency bonds	Level 2	103,380		19		(100)		103,299
Corporate bonds	Level 2	9,866		7		—		9,873
Total long-term marketable securities		113,246		26		(100)		113,172
Total assets		$	436,628	$	94	$	(114)	$	436,608

As of June 30, 2026 and December 31, 2025 the contractual maturities of the marketable securities were as follows (in thousands):


	June 30, 2026				December 31, 2025
	Amortized Cost		Total Fair Value		Amortized Cost		Total Fair Value
Less than one year	$	103,237	$	103,167	$	155,813	$	155,867
Due in 1-5 years	85,034		84,742		113,246		113,172
Total	$	188,271	$	187,909	$	269,059	$	269,039

The Company does not intend to sell the marketable securities, and it is not more likely than not that the Company will be required to sell the marketable securities before recovery of their amortized cost basis, which may be at maturity.

For the three and six months ended June 30, 2026 and 2025 interest income earned from cash and cash equivalents and marketable securities included in other income, net in the unaudited condensed consolidated statements of operations and comprehensive income (loss), was composed of the following (in thousands):