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Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Summary of Marketable Securities

Marketable securities consist of the following:


		March 31, 2026
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(in thousands)
Certificates of deposit		$	1,765			$	—			$	(5	)		$	1,760
Commercial paper			19,233				—				(24	)			19,209
Corporate debt securities			289,406				92				(642	)			288,856
Municipal securities			36,200				11				(73	)			36,138
Government and agency debt			181,161				39				(273	)			180,927
Total marketable securities		$	527,765			$	142			$	(1,017	)		$	526,890


		December 31, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
		(in thousands)
Certificates of deposit		$	1,503			$	—			$	—			$	1,503
Commercial paper			11,764				2				(3	)			11,763
Corporate debt securities			275,555				531				(50	)			276,036
Municipal securities			29,460				43				(10	)			29,493
Government and agency debt			162,162				174				(35	)			162,301
Total marketable securities		$	480,444			$	750			$	(98	)		$	481,096

Summary of Company's Marketable Securities by Contractual Maturities

The following table summarizes the Company’s marketable securities by contractual maturities:


		March 31, 2026
		(in thousands)
Due in 1 year or less		$	314,285
Due in 1 year through 2 years			212,605
Total		$	526,890

Summary of Presents Fair Value and Gross Unrealized Losses of the Company's Marketable Securities

The following tables present fair value and gross unrealized losses of the Company’s marketable securities that have been in a continuous loss position, aggregated by length of time:


		March 31, 2026
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
		(in thousands)
Certificates of deposit		$	1,760			$	(5	)		$	—			$	—			$	1,760			$	(5	)
Commercial paper			17,213				(24	)			—				—				17,213				(24	)
Corporate debt securities			188,062				(642	)			—				—				188,062				(642	)
Municipal securities			26,557				(73	)			—				—				26,557				(73	)
Government and agency debt			134,073				(273	)			—				—				134,073				(273	)
Total		$	367,665			$	(1,017	)		$	—			$	—			$	367,665			$	(1,017	)


		December 31, 2025
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value				Gross Unrealized Losses
		(in thousands)
Commercial paper		$	9,786			$	(3	)		$	—			$	—			$	9,786			$	(3	)
Corporate debt securities			50,218				(50	)			—				—				50,218				(50	)
Municipal securities			6,600				(10	)			—				—				6,600				(10	)
Government and agency debt			55,141				(35	)			—				—				55,141				(35	)
Total		$	121,745			$	(98	)		$	—			$	—			$	121,745			$	(98	)