Cash Equivalents and Marketable Securities

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Marketable Securities

The fair value and amortized cost of cash equivalents and fixed income marketable securities by major security type are as follows (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	49,766	$	—	$	—	$	49,766
U.S. Treasury securities	175,839		233		—		176,072
U.S. government agency securities	6,528		5		—		6,533
Corporate debt securities	4,430		4		—		4,434
Total cash equivalents and fixed income marketable securities	$	236,563	$	242	$	—	$	236,805


Classified as:	Fair Value
Cash equivalents	$	49,766
Marketable securities	187,039
Marketable securities, non-current	—
Total cash equivalents and fixed income marketable securities	$	236,805


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Money market funds	$	73,975	$	—	$	—	$	73,975
U.S. Treasury securities	226,049		262		(40)		226,271
U.S. government agency securities	36,765		51		(1)		36,815
Corporate debt securities	21,473		20		(1)		21,492
Total cash equivalents and fixed income marketable securities	$	358,262	$	333	$	(42)	$	358,553


Classified as:	Fair Value
Cash equivalents	$	80,639
Marketable securities	264,900
Marketable securities, non-current	13,014
Total cash equivalents and fixed income marketable securities	$	358,553

The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for less than 12 months were zero and $31.7 million, as of December 31, 2025 and 2024, respectively. The fair values of money market and fixed income marketable securities held by the Company in an unrealized loss position for greater than 12 months were zero as of both December 31, 2025 and 2024. As of December 31, 2025 and 2024, all of the Company’s money market and fixed income marketable securities had a maturity date of two years or less, were available

for use and were classified as available-for-sale. The Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before recovery of their amortized cost basis. The Company determined that there was no material change in the credit risk of the above investments as of both December 31, 2025 and 2024. As such, an allowance for credit losses has not been recognized. Gross realized gains and losses were de minimis for the years ended December 31, 2025 and 2024 and as a result, amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2025 and 2024 were also de minimis. See Note 8, Fair Value Measurements, for additional information regarding cash equivalents and fixed income marketable securities.