v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents financial instruments measured at fair value on a recurring basis based on the fair value hierarchy (in thousands):
June 30,December 31,
20262025
Level 1
Money market funds (included in cash and cash equivalents)$124,597 $161,943 
The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein:
Money Market Funds — The carrying amounts of money market funds approximate their fair values due to their short-term nature and are measured with Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.
U.S. Treasury Bills — The fair values of these securities are determined using Level 2 inputs utilizing quoted prices (unadjusted) in active markets for similar assets.
There were no transfers within the fair value hierarchy during the periods presented.
The following tables present information about the Company’s held-to-maturity U.S. Treasury bills (in thousands):
As of June 30, 2026
Balance Sheet LocationOriginal MaturitiesAmortized
Cost		Estimated
Fair Value
Cash and cash equivalentsless than 3 months$12,440 $12,439 
Investmentsbetween 3 and 12 months523,144 522,997 
Total$535,584 $535,436 
As of December 31, 2025
Balance Sheet LocationOriginal MaturitiesAmortized
Cost		Estimated
Fair Value
Cash and cash equivalentsless than 3 months$9,948 $9,948 
Investmentsbetween 3 and 12 months483,714 483,891 
Total$493,662 $493,839