v3.26.1
Available-for-sale debt securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available-For-Sale Debt Securities by Type of Security
The amortized cost and fair value of our available-for-sale debt securities by type of security as of June 30, 2026 are as follows:
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Money market fundsLevel 1$95,644 $— $— $95,644 
U.S. treasury securitiesLevel 1636,953 10 (788)636,175 
U.S. government agency securitiesLevel 283,761 — (118)83,643 
The amortized cost and fair value of our available-for-sale debt securities by type of security as of December 31, 2025 are as follows:
(in thousands)Fair Value Hierarchy LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Money market fundsLevel 1$12,204 $— $— $12,204 
U.S. treasury securitiesLevel 178,268 46 — 78,314 
U.S. government agency securitiesLevel 249,767 15 (1)49,781 
Schedule of Fair Values Available-For-Sale Debt Securities by Classification
The fair values of available-for-sale debt securities, by classification, included in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 are as follows:
(in thousands)As of June 30, 2026As of December 31, 2025
Cash and cash equivalents$314,901 $20,203 
Marketable securities500,561 120,097 
Schedule of Available-For-Sale Debt Securities by Contractual Maturity
The fair value of available-for-sale debt securities as of June 30, 2026 and December 31, 2025, by contractual maturity, are summarized as follows:
As of June 30, 2026As of December 31, 2025
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$656,055 $655,768 $114,003 $114,047 
Due in one year through five years160,303 159,694 26,237 26,253 
Total$816,358 $815,462 $140,240 $140,300