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Cash Equivalents and Marketable Securities
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Cash equivalents:
Money market funds$95,448 $— $— $95,448 
Total cash equivalents$95,448 $— $— $95,448 
Marketable securities:
Commercial paper$164,635 $1 $(230)$164,406 
Corporate bonds86,788 17 (149)86,656 
U.S. government treasury securities257,224 252 (296)257,180 
U.S. government agency securities136,402 20 (382)136,040 
Total marketable securities$645,049 $290 $(1,057)$644,282 
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 
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 March 31, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:
March 31, 2026
Less Than 12 Months
12 Months or Longer
Total
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Commercial paper$139,980 $(230)$— $— $139,980 $(230)
Corporate bonds$74,746 $(149)$— $— $74,746 $(149)
U.S. government treasury securities95,038 (296)— — 95,038 (296)
U.S. government agency securities122,231 (382)— — 122,231 (382)
Total marketable securities$431,995 $(1,057)$— $— $431,995 $(1,057)
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)
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 it will be required to sell the securities before recovery of the unamortized cost basis. As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.
The financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash deposits. Accounts at each of the Company's two U.S. banking institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. As of March 31, 2026 and December 31, 2025, cash deposits at the Company's U.S. banking institutions exceeded the FDIC limits.
There were no realized gains or losses on marketable securities for both the three months ended March 31, 2026 and 2025. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities as of March 31, 2026 and December 31, 2025, was $4.6 million and $4.5 million, respectively, and is reflected in Prepaid expenses and other current assets.
The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
March 31,
2026		December 31,
2025
Due in one year or less$419,203 $440,895 
Due in 1 - 2 years225,079 229,917 
Total marketable securities$644,282 $670,812 
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.