Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Estimated Fair Value of Cash Equivalents and Marketable Securities and Gross Unrealized Gains and Losses

The following tables summarize the estimated fair value of the Company’s cash equivalents and marketable securities and the gross unrealized gains and losses (in thousands):

	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	63,176	$	—	$	—	$	63,176
Total cash equivalents	$	63,176	$	—	$	—	$	63,176
Marketable securities:
Commercial paper	$	61,068	$	17	$	—	$	61,085
Corporate bonds	63,556		76		(5)		63,627
U.S. government treasury securities	231,032		672		(29)		231,675
U.S. government agency securities	64,854		64		(4)		64,914
Total marketable securities	$	420,510	$	829	$	(38)	$	421,301

	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	65,902	$	—	$	—	$	65,902
Commercial paper	21,832		6		—		21,838
Total cash equivalents	$	87,734	$	6	$	—	$	87,740
Marketable securities:
Commercial paper	$	143,265	$	104	$	(77)	$	143,292
Corporate bonds	56,471		25		(48)		56,448
U.S. government treasury securities	227,155		385		(296)		227,244
U.S. government agency securities	86,616		137		(72)		86,681
Total marketable securities	$	513,507	$	651	$	(493)	$	513,665

Schedule of Available-for-Sale Securities in an Unrealized Loss Position

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2025 and December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position:

	September 30, 2025
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate bonds	$	9,314	$	(5)	$	—	$	—	$	9,314	$	(5)
U.S. government treasury securities	20,153		(21)		8,002		(8)		28,155		(29)
U.S. government agency securities	10,002		(4)		—		—		10,002		(4)
Total marketable securities	$	39,469	$	(30)	$	8,002	$	(8)	$	47,471	$	(38)
	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	67,200	$	(77)	$	—	$	—	$	67,200	$	(77)
Corporate bonds	42,916		(48)		—		—		42,916		(48)
U.S. government treasury securities	126,588		(296)		—		—		126,588		(296)
U.S. government agency securities	12,560		(72)		—		—		12,560		(72)
Total marketable securities	$	249,264	$	(493)	$	—	$	—	$	249,264	$	(493)

Schedule of Contractual Maturities of Marketable Securities at Estimated Fair Value

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

	September 30, 2025		December 31, 2024
Due in one year or less	$	276,689	$	338,442
Due in 1 - 2 years	144,612		175,223
Total marketable securities	$	421,301	$	513,665