Short-Term and Long-Term Investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Estimated Fair Value of Short-term and Long-term Investments

The following represents a summary of the estimated fair value of short-term and long-term investments at September 30, 2026 and December 31, 2025:


		Fair Value Measurements at
		September 30, 2026
		Amortized				Unrealized				Unrealized				Estimated
		Cost				Gains				Losses				Fair Value
		(in thousands)
Short-term investments
U.S. Treasury securities		$	159,069				—			$	(416	)		$	158,653
Long-term investments
U.S. Treasury securities			133,897				—				(461	)			133,436
Total		$	292,966			$	—			$	(877	)		$	292,089


		Fair Value Measurements at
		December 31, 2025
		Amortized				Unrealized				Unrealized				Estimated
		Cost				Gains				Losses				Fair Value
		(in thousands)
Short-term investments
U.S. Treasury securities		$	187,167			$	382			$	—			$	187,549
Long-term investments
U.S. Treasury securities			45,411				20				—				45,431
Total		$	232,578			$	402			$	—			$	232,980

Contractual Maturities of Available-for-Sale Debt Securities

The following represents the contractual maturities of available-for-sale debt securities as of September 30, 2026:


		Fair Value Measurements at
		September 30, 2026
		Years to Maturity
		Within One				One to Two				More Than Two				Estimated
		Year				Years				Years				Fair Value
		(in thousands)
U.S. Treasury securities		$	158,653			$	133,436			$	—			$	292,089
Total		$	158,653			$	133,436			$	—			$	292,089