Fair Value Measurements and Disclosures

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Fair Value Measurements and Disclosures

4. Fair Value Measurements and Disclosures

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy (in thousands):

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Treasury bills	$	11,998	$	—	$	—	$	11,998
Money market funds		30,021		—		—		30,021
Commercial paper		—		2,000		—		2,000
Corporate debt securities				8,179		—		8,179
Total cash equivalents		42,019		10,179		—		52,198
Short-term marketable securities:
Treasury bills		—		29,808		—		29,808
Commercial paper		—		18,019		—		18,019
Corporate debt securities		—		144,816		—		144,816
Certificated of deposit		—		6,974		—		6,974
Total short-term marketable securities		—		199,617		—		199,617
Long-current marketable securities:
Treasury bills		—		2,924		—		2,924
Corporate debt securities		—		133,693		—		133,693
Total long-term marketable securities		—		136,617		—		136,617
Total marketable securities		—		336,234		—		336,234
Total assets	$	42,019	$	346,413	$	—	$	388,432

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	366,348	$	—	$	—	$	366,348
Commercial paper		—		5,484		—		5,484
Total cash equivalents		366,348		5,484		—		371,832
Short-term marketable securities:
Commercial paper		—		7,313		—		7,313
Corporate debt securities		—		44,460		—		44,460
Total short-term marketable securities		—		51,773		—		51,773
Total assets	$	366,348	$	57,257	$	—	$	423,605

Money market funds and short-term "on-the-run" treasuries in cash equivalents, such as treasury bills, that are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value, representing their estimated fair value. The fair value of these marketable securities is based upon observable market inputs obtained from third-party pricing services. The pricing services use industry-standard valuation models and observable inputs, including reported trades, broker-dealer quotes, bids or offers on the same or similar securities issuer, credit spreads, benchmark securities, prepayment and default projections based on historical data, and other observable inputs.

The Company's participation right liability was settled in full in April 2025 and was no longer outstanding as of December 31, 2025.

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated (in thousands):

	March 31, 2026
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
Treasury bills	$	29,814	$	—	$	(6	)	$	29,808
Commercial paper		18,037		—		(18	)		18,019
Corporate debt securities		145,065		1		(250	)		144,816
Certificated of deposit		6,984		—		(10	)		6,974
Total short-term marketable securities		199,900		1		(284	)		199,617
Long-term marketable securities:
Treasury bills		2,941		—		(17	)		2,924
Commercial paper		—		—		—			—
Corporate debt securities		134,374		4		(685	)		133,693
Certificated of deposit		—		—		—			—
Total long-term marketable securities		137,315		4		(702	)		136,617
Total marketable securities	$	337,215	$	5	$	(986	)	$	336,234

	December 31, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
Commercial paper	$	7,311	$	2	$	—		$	7,313
Corporate debt securities		44,446		18		(4	)		44,460
Total short-term marketable securities	$	51,757	$	20	$	(4	)	$	51,773

There were no unrealized gains or losses on cash equivalents as of March 31, 2026, and December 31, 2025. As of March 31, 2026 and December 31, 2025, some of the Company's marketable securities were in an unrealized loss position. These unrealized losses were attributable to changes in interest rates and geopolitical factors rather than credit deterioration. The Company does not intend to sell securities, and it is not more likely than not that it will be required to sell them before recovery of amortized cost, so these losses were considered temporary. All marketable securities with unrealized losses as of each balance sheet date had been in a loss position for less than twelve months. The Company invests in high-quality short-term and long-term marketable securities, all of which have maturities under three years and no history of credit deterioration. No allowance for credit losses was recorded as of March 31, 2026 and December 31, 2025.