Cash and Investments in Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash and Investments in Marketable Securities, Including Cash Equivalents

Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):


		Estimated Fair Value at
		June 30, 2026				December 31, 2025
Cash and cash equivalents		$	39,267			$	15,116
Short-term investments			645,074				230,636
Long-term investments			339,061				—
Total cash and investments in marketable securities		$	1,023,402			$	245,752

Schedule of Portfolio of Cash and Investments in Marketable Securities

Our portfolio of cash and investments in marketable securities, including cash equivalents, consists of the following (in thousands):


				June 30, 2026																December 31, 2025
		Fair Value Hierarchy Level		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Fair Value
Corporate notes and bonds		2		$	495,025			$	30			$	(1,249	)		$	493,806			$	59,785
Corporate commercial paper		2			489,344				—				(471	)			488,873				156,714
U.S. Treasuries		2			15,009				—				(40	)			14,969				—
Obligations of U.S. government agencies		2			8,797				—				(26	)			8,771				—
Available-for-sale investments				$	1,008,175			$	30			$	(1,786	)		$	1,006,419			$	216,499
Money market funds		1															158				11,919
Certificates of deposit		2															13,422				14,138
Cash		N/A															3,403				3,196
Total cash and investments in marketable securities																$	1,023,402			$	245,752