Cash Equivalents, Short-term Investments and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2026

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash Equivalents and Short-term Investments and Restricted Cash

The Company classifies as cash equivalents its investments in U.S. government money market funds and in U.S. Treasury and corporate debt securities with original maturities of three months or less at the date of purchase. Short-term investments consist of U.S. government securities, corporate bonds and commercial paper with original maturities of more than three months, all of which are classified as available-for-sale. Certificates of deposit held as collateral are classified as restricted cash. The following table summarizes these balances (in thousands):


		As of September 30, 2026
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Cash equivalents
Money market funds		$	207,759			$	—			$	—			$	207,759
U.S. government securities			5,090				—				(1	)			5,089
Corporate bonds			917				—				(1	)			916
Total cash equivalents			213,766				—				(2	)			213,765
Short-term investments
U.S. government securities			132,312				—				(404	)			131,908
Corporate bonds			51,647				1				(131	)			51,517
Commercial paper			5,269				—				(9	)			5,260
Total short-term investments			189,228				1				(544	)			188,685
Restricted cash
Certificate of deposit			788				—				—				788
Total restricted cash			788				—				—				788
Total cash equivalents, short-term investments and restricted cash		$	403,782			$	1			$	(546	)		$	403,238


		As of December 31, 2025
		Amortized Cost				Unrealized Gains				Unrealized Losses				Aggregate Fair Value
Cash equivalents
Money market funds		$	249,393			$	—			$	—			$	249,393
Total cash equivalents			249,393				—				—				249,393
Short-term investments
U.S. government securities			44,872				168				—				45,040
Total short-term investments			44,872				168				—				45,040
Restricted cash
Certificate of deposit			770				—				—				770
Total restricted cash			770				—				—				770
Total cash equivalents, short-term investments and restricted cash		$	295,035			$	168			$	—			$	295,203

Schedule of Fair Value and Gross Unrealized Losses of Available-for-sale Debt Securities

The following table presents the fair value and gross unrealized losses of available-for-sale debt securities, including those classified as cash equivalents, that were in an unrealized loss position for which an allowance for credit losses has not been recorded (in thousands):


		As of September 30, 2026
		Fair Value				Unrealized Losses
U.S. government securities		$	136,997			$	(405	)
Corporate bonds			47,637				(132	)
Commercial paper			5,260				(9	)
Total		$	189,894			$	(546	)

Schedule of Contractual Maturities of the Company's Available-for-sale Debt Securities

The following table presents the contractual maturities of available-for-sale debt securities, including those classified as cash equivalents (in thousands):


		As of September 30, 2026
		Amortized Cost				Fair Value
Due within one year		$	174,818			$	174,345
Due after one year through five years			20,417				20,345
Total		$	195,235			$	194,690

Schedule of Cash Equivalents and Restricted Cash

A reconciliation of the cash, cash equivalents and restricted cash reported in the condensed balance sheets that sum to the total of the amounts shown in the condensed statements of cash flows is as follows (in thousands):


		As of September 30, 2026				As of December 31, 2025
Cash and cash equivalents		$	215,075			$	250,173
Restricted cash			788				770
Total cash, cash equivalents and restricted cash		$	215,863			$	250,943