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Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Summary of Marketable Securities by Security

The following tables provide the amortized cost and fair value of the Company’s available-for-sale securities by security type (in thousands):


		December 31, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Commercial paper		$	107,889			$	17			$	(22	)		$	107,884
Corporate bonds			772,457				2,233				(184	)			774,506
Government and agency securities			207,684				340				(34	)			207,990
U.S. treasury bills			19,824				3				—				19,827
		$	1,107,854			$	2,593			$	(240	)		$	1,110,207


		December 31, 2024
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Commercial paper		$	251,473			$	12			$	(176	)		$	251,309
Corporate bonds			468,673				532				(588	)			468,617
Government and agency securities			162,783				132				(29	)			162,886
U.S. treasury bills			89,741				60				(2	)			89,799
		$	972,670			$	736			$	(795	)		$	972,611

Summary of Contractual Maturities of Available-for-sale Debt Securities

The following table summarizes the amortized cost and fair value of the Company’s available-for-sale securities by contractual maturity (in thousands):


		December 31, 2025
		Amortized Cost				Fair Value
Due within one year		$	523,630			$	524,421
Due after one year through three years			584,224				585,786
		$	1,107,854			$	1,110,207