Marketable Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities

The fair value of available-for-sale marketable securities by type of security was as follows (in thousands):

	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Marketable Securities:
U.S. Treasury Bills	$	233,672	$	146	$	—	$	233,818
Total marketable securities with original maturity of one year or less	233,672		146		—		233,818
U.S. Treasury Bills	84,201		97		—		84,298
Total marketable securities with original maturity of one to two years	84,201		97		—		84,298
Total marketable securities	$	317,873	$	243	$	—	$	318,116

The Company held no debt securities that were in an unrealized loss position as of December 31, 2025.