Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Reoccurring Basis

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a reoccurring basis and indicates the level of fair value hierarchy utilized to determine such values (in thousands):

	AS OF DECEMBER 31, 2025
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Cash equivalents:
Money market funds	$	86,669	$	—	$	—	$	86,669
U.S. treasury securities		5,903		—		—		5,903
Commercial paper		—		26,428		—		26,428
Marketable securities:
U.S. treasury securities		350,157		—		—		350,157
Debt securities issued by U.S. government agencies		—		142,716		—		142,716
Commercial paper		—		69,556		—		69,556
Corporate debt securities		—		208,944		—		208,944
Total	$	442,729	$	447,644	$	—	$	890,373

	AS OF DECEMBER 31, 2024
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Cash equivalents:
Money market funds	$	132,491	$	—	$	—	$	132,491
Marketable securities:
U.S. treasury securities		248,935		—		—		248,935
Debt securities issued by U.S. government agencies		—		218,696		—		218,696
Commercial paper		—		35,557		—		35,557
Corporate debt securities		—		86,092		—		86,092
Total	$	381,426	$	340,345	$	—	$	721,771