Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

The following table summarizes our investments as of September 30, 2026 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	34,861	$	—	$	—	$	34,861
U.S. Treasury securities	399,302		—		(1,512)		397,790
Total	$	434,163	$	—	$	(1,512)	$	432,651

The Company does not hold any long-term investments with a maturity beyond two years from the date of purchase. As of September 30, 2026, the aggregate fair value of securities that were in an unrealized loss position for fewer than twelve months was $362.4 million and no investments had been in a continuous unrealized loss position for longer than twelve months. The Company considers any losses to be temporary in nature and the Company has the intent and ability to hold its marketable debt securities until recovery. As a result, the Company determined it did not hold any investments with a credit loss at September 30, 2026.

As of September 30, 2026, accrued interest receivable on available-for-sale investments was $3.0 million, which was included within prepaid and other current assets on our unaudited condensed consolidated balance sheets.