v3.26.3
Investments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Marketable Investments
The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from September 30, 2026. The Company’s marketable investments as of September 30, 2026 and December 31, 2025 were as follows (in thousands):
September 30, 2026
Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$2,152 $— $(3)$2,149 
U.S. treasury securities251,971 — (827)251,144 
U.S. agency and government-sponsored securities145,406 — (1,251)144,155 
Commercial paper12,904 — (20)12,884 
Municipal bonds1,962 — (11)1,951 
Corporate bonds21,727 — (167)21,560 
Total$436,122 $— $(2,279)$433,843 
December 31, 2025
Marketable InvestmentsCostGross Unrealized GainsGross Unrealized LossesFair Value
Certificates of deposit$1,066 $1 $— $1,067 
U.S. treasury securities266,671 459 — 267,130 
U.S. agency and government-sponsored securities166,170 81 (14)166,237 
Commercial paper7,867 6 — 7,873 
Corporate bonds22,511 17 — 22,528 
Total$464,285 $564 $(14)$464,835 
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments
The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
Gross Unrealized LossesFair ValueGross Unrealized LossesFair Value
Certificates of deposit$(3)$1,826 $— $— 
U.S. treasury securities(827)249,144 — — 
U.S. agency and government-sponsored securities(1,251)144,155 (14)33,935 
Commercial paper(20)12,884 — — 
Municipal bonds(11)1,951 — — 
Corporate bonds(167)21,560 — — 
Total$(2,279)$431,520 $(14)$33,935 
Schedule of Assets Carried at Fair Value
The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of September 30, 2026 were as follows (in thousands):
CostFair Value
Due within one year$307,636 $306,703 
Due after one year through two years128,486 127,140 
Total$436,122 $433,843 
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
September 30, 2026
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$74,595 $— $— $74,595 
Certificates of deposit— 249 — 249 
Total cash equivalents$74,595 $249 $— $74,844 
Marketable investments
Certificates of deposit$— $2,149 $— $2,149 
U.S. treasury securities251,144 — — 251,144 
U.S. agency and government sponsored securities— 144,155 — 144,155 
Commercial paper— 12,884 — 12,884 
Municipal bonds— 1,951 — 1,951 
Corporate bonds— 21,560 — 21,560 
Total marketable investments$251,144 $182,699 $— $433,843 
December 31, 2025
Level 1Level 2Level 3Total
Assets
Cash equivalents
Money market funds$103,637 $— $— $103,637 
Certificates of deposit— 747 — 747 
Total cash equivalents$103,637 $747 $— $104,384 
Marketable investments
Certificates of deposit$— $1,067 $— $1,067 
U.S. treasury securities267,130 — — 267,130 
U.S. agency and government-sponsored securities— 166,237 — 166,237 
Commercial paper— 7,873 — 7,873 
Corporate bonds— 22,528 — 22,528 
Total marketable investments$267,130 $197,705 $— $464,835