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Cash Equivalents and Marketable Securities
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
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):
December 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$74,004 $— $— $74,004 
Commercial paper9,987 — — 9,987 
Total cash equivalents$83,991 $— $— $83,991 
Marketable securities:
Commercial paper$184,423 $25 $(80)$184,368 
Corporate bonds100,753 60 (23)100,790 
U.S. government treasury securities265,316 748 — 266,064 
U.S. government agency securities119,450 153 (13)119,590 
Total marketable securities$669,942 $986 $(116)$670,812 
December 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$65,902 $— $— $65,902 
Commercial paper21,832 6 — 21,838 
U.S. government treasury securities— — — — 
Total cash equivalents$87,734 $6 $— $87,740 
Marketable securities:
Commercial paper$143,265 $104 $(77)$143,292 
Corporate bonds56,471 25 (48)56,448 
U.S. government treasury securities227,155 385 (296)227,244 
U.S. government agency securities86,616 137 (72)86,681 
Total marketable securities$513,507 $651 $(493)$513,665 
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 December 31, 2025 and 2024, aggregated by major security type and length of time in a continuous unrealized loss position:
December 31, 2025
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Commercial paper$99,837 $(80)$— $— $99,837 $(80)
Corporate bonds58,296 (23)— — 58,296 (23)
U.S. government agency securities22,828 (13)— — 22,828 (13)
Total marketable securities$180,961 $(116)$— $— $180,961 $(116)
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 bonds42,916 (48)— — 42,916 (48)
U.S. government treasury securities126,588 (296)— — 126,588 (296)
U.S. government agency securities12,560 (72)— — 12,560 (72)
Total marketable securities$249,264 $(493)$— $— $249,264 $(493)
The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before recovery of the unamortized cost basis. As of December 31, 2025 and 2024, an allowance for credit losses had not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of December 31, 2025 and 2024.
There were $0.7 million and $0.3 million net unrealized gains on marketable securities for the years ended December 31, 2025 and 2023, respectively, and $0.1 million net unrealized losses for the year ended
December 31, 2024. There were no realized gains on marketable securities for the years ended December 31, 2025, 2024 and 2023.
Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities totaled $4.5 million and $3.4 million as of December 31, 2025 and 2024, respectively, and is excluded from the estimate of credit losses.
The following table summarizes the contractual maturities of the Company's marketable securities at estimated fair value (in thousands):
December 31,
20252024
Due in one year or less$440,895 $338,442 
Due in 1 - 2 years229,917 175,223 
Total marketable securities$670,812 $513,665 
The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months, as current assets.