Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The following tables summarize the Company's financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

		March 31, 2026
	Valuation Hierarchy	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Assets:
Short-term investments:
Corporate debt securities	Level 2	$	130,813	$	(89	)	$	38	$	130,762
Commercial paper	Level 2		10,901		—			—		10,901
U.S. Treasury securities	Level 2		52,079		(22	)		29		52,086
U.S. government agency securities	Level 2		9,314		(1	)		10		9,323
Total short-term investments			203,107		(112	)		77		203,072
Long-term investments:
Corporate debt securities	Level 2	$	23,060	$	(61	)	$	6	$	23,005
U.S. government agency securities	Level 2		10,603		(40	)		—		10,563
Total long-term investments			33,663		(101	)		6		33,568
Total investments			236,770		(213	)		83		236,640
Cash equivalents:
Money market funds	Level 1								$	26,124
Commercial paper	Level 2									560
Total Cash equivalents									$	26,684

		December 31, 2025
	Valuation Hierarchy	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Assets:
Short-term investments:
Corporate debt securities	Level 2	$	134,582	$	(4	)	$	269	$	134,847
Commercial paper	Level 2		25,952		—			—		25,952
U.S. Treasury securities	Level 2		66,753		—			96		66,849
U.S. government agency securities	Level 2		8,970		—			27		8,997
Total short-term investments			236,257		(4	)		392		236,645
Long-term investments:
Corporate debt securities	Level 2	$	11,757	$	(3	)	$	5	$	11,759
U.S. Treasury securities	Level 2		4,013		—			16		4,029
U.S. government agency securities	Level 2		318		—			1		319
Total long-term investments			16,088		(3	)		22		16,107
Total investments			252,345		(7	)		414		252,752
Cash equivalents:
Money market funds	Level 1								$	33,869
Commercial paper	Level 2									5,264
Total cash equivalents									$	39,133

Investments are classified as Level 1 within the fair value hierarchy if their quoted prices are available in active markets for identical securities. Investments in money market funds of $26.1 million and $33.9 million as of March 31, 2026 and December 31, 2025, respectively, were classified as Level 1 instruments and were included in cash equivalents.

Investments in corporate debt securities, commercial paper and government securities are valued using Level 2 inputs. Level 2 securities are initially valued at the transaction price and subsequently valued and reported upon utilizing inputs other than quoted prices that are observable either directly or indirectly, such as quotes from third-party pricing vendors. Fair values determined by Level 2 inputs, which utilize data points that are observable such as quoted prices, interest rates and yield curves, require the exercise of judgment and use of estimates, that if changed, could significantly affect the Company’s financial position and results of operations. Accrued interest receivable related to investments was $1.7 million and $2.0 million as of March 31, 2026 and December 31, 2025, respectively, and included as part of prepaid expenses and other current assets in the condensed balance sheets.

The Company has classified its investment securities as current and non-current assets on the condensed balance sheets based on each security's contractual maturity date, and all investment securities are accounted for as available-for-sale because these investment securities are considered available for use in operations. All of our long-term investments as of March 31, 2026 had maturities between one and two years.

The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of March 31, 2026 and December 31, 2025 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. The Company concluded that an allowance for credit losses was unnecessary as of March 31, 2026 and December 31, 2025. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive income/(loss).

During the three months ended March 31, 2026, the Company received $4.0 million in proceeds from available-for-sale securities called prior to maturity, resulting in an immaterial realized gain and included within maturities of investments. The available-for-sale securities were called within 90 days of the stated maturity. There was no realized gain or loss on available-for-sale securities for the three months ended March 31, 2025. The Company uses the specific identification method to determine the cost basis of investments sold.