| Summarizes the Unrealized Gains and Losses in Fair Value of the Company's Investments in Debt Securities |
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):
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June 30, 2026 |
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Fair Value Hierarchy Level |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Estimated Fair Value |
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Cash and Cash Equivalents |
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Marketable Securities |
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Money market funds |
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Level 1 |
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$ |
47,652 |
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$ |
— |
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$ |
— |
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$ |
47,652 |
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$ |
47,652 |
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$ |
— |
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U.S. Government bonds |
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Level 2 |
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206,439 |
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25 |
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(144 |
) |
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206,320 |
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— |
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206,320 |
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U.S. Government agency securities |
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Level 2 |
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16,995 |
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— |
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(66 |
) |
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16,929 |
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— |
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16,929 |
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Corporate debt securities |
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Level 2 |
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227,254 |
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28 |
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(246 |
) |
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227,036 |
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— |
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227,036 |
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Total cash equivalents and marketable securities |
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498,340 |
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53 |
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(456 |
) |
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497,937 |
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47,652 |
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450,285 |
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Cash |
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1,224 |
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— |
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— |
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1,224 |
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1,224 |
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— |
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Total |
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$ |
499,564 |
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$ |
53 |
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$ |
(456 |
) |
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$ |
499,161 |
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$ |
48,876 |
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$ |
450,285 |
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December 31, 2025 |
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Fair Value Hierarchy Level |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Estimated Fair Value |
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Cash and Cash Equivalents |
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|
Marketable Securities |
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Money market funds |
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Level 1 |
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$ |
342,915 |
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$ |
— |
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$ |
— |
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$ |
342,915 |
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$ |
342,915 |
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$ |
— |
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U.S. Government bonds |
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Level 2 |
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166,736 |
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480 |
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— |
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167,216 |
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— |
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167,216 |
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U.S. Government agency securities |
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Level 2 |
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9,997 |
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1 |
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(23 |
) |
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9,975 |
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— |
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9,975 |
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Corporate debt securities |
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Level 2 |
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189,536 |
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329 |
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(1 |
) |
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189,864 |
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7,191 |
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|
182,673 |
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Total cash equivalents and marketable securities |
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709,184 |
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|
810 |
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(24 |
) |
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709,970 |
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350,106 |
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359,864 |
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Cash |
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4,619 |
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— |
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— |
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4,619 |
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4,619 |
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— |
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Total |
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$ |
713,803 |
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$ |
810 |
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$ |
(24 |
) |
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$ |
714,589 |
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$ |
354,725 |
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$ |
359,864 |
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