The Company’s cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. Level 1 securities consist of highly liquid money market funds for which the carrying amount approximates the fair value of identical assets as quoted in the active markets. Level 2 securities, consisting of U.S. Treasuries, U.S. agency securities and corporate debt securities, are measured based on other observable inputs, including broker or dealer quotations or other valuations using observable market data. The Company’s debt securities are accounted for as available-for-sale securities.

Unrealized gains and losses are reported as a component of other comprehensive income (loss). Fair value of the debt securities was $450.3 million and $367.1 million as of June 30, 2026 and December 31, 2025, respectively.

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2026
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities
Money market funds	Level 1	$	47,652	$	—	$	—		$	47,652	$	47,652	$	—
U.S. Government bonds	Level 2		206,439		25		(144	)		206,320		—		206,320
U.S. Government agency securities	Level 2		16,995		—		(66	)		16,929		—		16,929
Corporate debt securities	Level 2		227,254		28		(246	)		227,036		—		227,036
Total cash equivalents and marketable securities			498,340		53		(456	)		497,937		47,652		450,285
Cash			1,224		—		—			1,224		1,224		—
Total		$	499,564	$	53	$	(456	)	$	499,161	$	48,876	$	450,285


	December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value		Cash and Cash Equivalents		Marketable Securities
Money market funds	Level 1	$	342,915	$	—	$	—		$	342,915	$	342,915	$	—
U.S. Government bonds	Level 2		166,736		480		—			167,216		—		167,216
U.S. Government agency securities	Level 2		9,997		1		(23	)		9,975		—		9,975
Corporate debt securities	Level 2		189,536		329		(1	)		189,864		7,191		182,673
Total cash equivalents and marketable securities			709,184		810		(24	)		709,970		350,106		359,864
Cash			4,619		—		—			4,619		4,619		—
Total		$	713,803	$	810	$	(24	)	$	714,589	$	354,725	$	359,864

Marketable debt securities that had been in unrealized loss positions as of June 30, 2026, and December 31, 2025 were in an unrealized loss position for less than 12 months. Unrealized losses from marketable debt securities are primarily attributable to changes in interest rates and not due to credit-related factors. Management does not believe any remaining unrealized losses represent impairments or credit-related losses based on evaluation of available evidence.