Fair Value Measurements and Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

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

Schedule of Amortized Cost and Fair Value

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