Cash Equivalents, Marketable Securities and Restricted Cash

3 Months Ended

Mar. 31, 2026

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

Cash Equivalents, Marketable Securities and Restricted Cash

4. Cash Equivalents, Marketable Securities and Restricted Cash

The Company invests in certain U.S. government money market funds and treasury bills classified as cash equivalents and invests in certificates of deposit that are classified as restricted cash. The marketable securities consist of government securities as follows (in thousands):

	As of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Cash equivalents
Money market funds	$	319,115	$	—	$	—	$	319,115
Total cash equivalents		319,115		—		—		319,115
Marketable securities
Government securities		44,752		208		—		44,960
Total marketable securities		44,752		208		—		44,960
Restricted cash
Certificate of deposit		776		—		—		776
Total cash equivalents, marketable securities and restricted cash	$	364,643	$	208	$	—	$	364,851

	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
Marketable securities
Government securities		44,872		168		—		45,040
Total marketable securities		44,872		168		—		45,040
Restricted cash
Certificate of deposit		770		—		—		770
Total cash equivalents, marketable securities    and restricted cash	$	295,035	$	168	$	—	$	295,203

As of March 31, 2026 and December 31, 2025, there were no marketable securities that have been in a continuous unrealized loss position for more than 12 months. For the three months ended March 31, 2026 and 2025, the net unrealized holding gain (loss) on available-for-sale securities included in accumulated other comprehensive income was less than $0.1 million and $(0.1) million, respectively, and gains of zero and $0.1 million, respectively, were reclassified out of accumulated other comprehensive income into earnings upon the sale of available-for-sale securities.

A reconciliation of the cash, cash equivalents and restricted cash reported in the 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 March 31, 2026		As of December 31, 2025
Cash and cash equivalents	$	320,676	$	250,173
Restricted cash		776		770
Total cash, cash equivalents and restricted cash	$	321,452	$	250,943