Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements at March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	147,708	$	—	$	—	$	147,708
Marketable securities:
Commercial paper		—		123,965		—		123,965
Corporate bonds		—		790,927		—		790,927
Government and agency securities		—		193,202		—		193,202
U.S. treasury bills		—		19,649		—		19,649
	$	147,708	$	1,127,743	$	—	$	1,275,451
Liabilities:
Related party revenue share liability	$	—	$	—	$	75,730	$	75,730

	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	251,567	$	—	$	—	$	251,567
Marketable securities:
Commercial paper		—		107,884		—		107,884
Corporate bonds		—		774,506		—		774,506
Government and agency securities		—		207,990		—		207,990
U.S. treasury bills		—		19,827		—		19,827
	$	251,567	$	1,110,207	$	—	$	1,361,774
Liabilities:
Related party revenue share liability	$	—	$	—	$	73,160	$	73,160

Schedule of Estimated Fair Value of Company's Related Party Revenue Share Liability

The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the three months ended March 31, 2026, which represents a Level 3 measurement within the fair value hierarchy (in thousands):

Estimated fair value as of December 31, 2025	$	73,160
Change in fair value		2,570
Estimated fair value as of March 31, 2026	$	75,730