Investments

6 Months Ended

Jun. 30, 2026

Debt Securities, Available-for-Sale [Abstract]

Available-for-sale Securities

The following table summarizes the unrealized positions of the Company’s available-for-sale securities disaggregated by class of instrument as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
US Treasury Securities	$	133,083	$	2	$	(264)	$	132,821
Corporate Debt	390,308		25		(701)		389,632
Total	$	523,391	$	27	$	(965)	$	522,453


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
US Treasury Securities	$	12,043	$	33	$	—	$	12,076
Corporate Debt	39,292		107		—		39,399
Total	$	51,335	$	140	$	—	$	51,475

The following table provides the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Amortized Cost		Fair Value
Maturing within one year	$	416,827	$	417,673
Maturing after one through two years	106,564		104,780
Total	$	523,391	$	522,453


	As of December 31, 2025
	Amortized Cost		Fair Value
Maturing within one year	$	34,244	$	34,318
Maturing after one through two years	17,091		17,157
Total	$	51,335	$	51,475

Accrued interest receivable on available-for-sale debt securities is included in both amortized cost in the tables above and the available-for-sale securities balance presented on the condensed consolidated balance sheets. There were no realized gains or losses on available-for-sale securities during the three and six months ended June 30, 2026 and 2025.

For marketable securities classified as available-for-sale that are in an unrealized loss position as of the balance sheet date, the Company assesses whether or not it intends to sell the security, or more-likely-than-not will be required to sell the security, before recovery of its amortized cost basis which would require a write-down to fair value through net loss. As of June 30, 2026 certain available-for-sale securities were in an unrealized loss position. The Company has evaluated these securities and determined that the unrealized losses are primarily attributable to changes in interest rates and other market factors rather than credit-related factors. The Company does not intend to sell these securities before recovery of their amortized cost basis. As of December 31, 2025, there were no available-for-sale debt securities in a loss position. An allowance for credit losses was not deemed necessary related to available-for-sale securities as of June 30, 2026 and December 31, 2025.

Refer to Note 1 - Summary of Operations and Significant Accounting Policies for the Company’s valuation techniques and fair value hierarchy disclosures.

Non-marketable Equity Securities

In May 2026, the Company purchased 78,532 shares of Series A-2 Preferred Stock of a privately held company for aggregate cash consideration of $3.0 million. The investment is carried at cost and included in prepaid expenses and other assets on the condensed consolidated balance sheets.

As of June 30, 2026, the carrying amount of the investment was $3.0 million. From acquisition through June 30, 2026, the Company recorded no impairment charges or observable price adjustments related to the investment.