Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Securities

Schedule of Company's investing portfolio

The following is a summary of the Company’s investing portfolio (in thousands):

	AS OF DECEMBER 31, 2025
	UNREALIZED
	COST		GAINS		LOSSES			FAIR VALUE
Marketable securities
Maturities within one year:
U.S. treasury securities	$	221,182	$	430	$	—		$	221,612
Debt securities issued by U.S. government agencies		127,796		324		—			128,120
Commercial paper		69,534		22		—			69,556
Corporate debt securities		179,230		136		(11	)		179,355
Total maturities within one year		597,742		912		(11	)		598,643
Maturities between one and two years:
U.S. treasury securities	$	128,396	$	149	$	—		$	128,545
Debt securities issued by U.S. government agencies		14,580		16		—			14,596
Corporate debt securities		29,583		16		(10	)		29,589
Total maturities between one and two years		172,559		181		(10	)		172,730
Total marketable securities	$	770,301	$	1,093	$	(21	)	$	771,373

	AS OF DECEMBER 31, 2024
	UNREALIZED
	COST		GAINS		LOSSES			FAIR VALUE
Marketable securities
Maturities within one year:
U.S. treasury securities	$	158,332	$	469	$	(34	)	$	158,767
Debt securities issued by U.S. government agencies		115,425		169		—			115,594
Commercial paper		35,508		49		—			35,557
Corporate debt securities		68,831		146		(31	)		68,946
Total maturities within one year		378,096		833		(65	)		378,864
Maturities between one and two years:
U.S. treasury securities	$	90,330	$	109	$	(271	)	$	90,168
Debt securities issued by U.S. government agencies		102,707		470		(75	)		103,102
Corporate debt securities		17,232		—		(86	)		17,146
Total maturities between one and two years		210,269		579		(432	)		210,416
Total marketable securities	$	588,365	$	1,412	$	(497	)	$	589,280