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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jul. 05, 2025
Fair Value Disclosures [Abstract] |
Summary of valuation of the financial instruments | The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.
|  | Fair Value Measurements at July 5, 2025 Using |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 235,405 |  |  | $ | — |  |  | $ | 235,405 |
Total cash equivalents |  | $ | 235,405 |  |  | $ | — |  |  | $ | 235,405 |
Short-term investments: |  |  |  |  |  |
Corporate debt securities |  | $ | — |  |  | $ | 405 |  |  | $ | 405 |
Government debt securities |  | — |  |  | 100,676 |  |  | 100,676 |
Total short-term investments |  | $ | — |  |  | $ | 101,081 |  |  | $ | 101,081 |
Total |  | $ | 235,405 |  |  | $ | 101,081 |  |  | $ | 336,486 |
|  | Fair Value Measurements at December 28, 2024 Using |  |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 188,057 |  |  | $ | — |  |  | $ | 188,057 |
Total cash equivalents |  | $ | 188,057 |  |  | $ | — |  |  | $ | 188,057 |
Short-term investments: |  |  |  |  |  |
Corporate debt securities |  | $ | — |  |  | $ | 13,514 |  |  | $ | 13,514 |
Government debt securities |  | — |  |  | 87,040 |  |  | 87,040 |
Total short-term investments |  | $ | — |  |  | $ | 100,554 |  |  | $ | 100,554 |
Total |  | $ | 188,057 |  |  | $ | 100,554 |  |  | $ | 288,611 |
Summary of components of available-for-sale investments | The following summarizes the components of available-for-sale investments (in thousands):
|  |  |  |  |  |  |  |  |  | Reported As
As of July 5, 2025 |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash Equivalent |  | Marketable Securities
Corporate debt securities |  | $ | 407 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 405 |  |  | $ | — |  |  | $ | 405 |
Government debt securities |  | 100,561 |  |  | 146 |  |  | (31) |  |  | 100,676 |  |  | — |  |  | 100,676 |
Money market funds |  | 235,405 |  |  | — |  |  | — |  |  | 235,405 |  |  | 235,405 |  |  | — |
Total |  | $ | 336,373 |  |  | $ | 146 |  |  | $ | (33) |  |  | $ | 336,486 |  |  | $ | 235,405 |  |  | $ | 101,081 |
|  |  |  |  |  |  |  |  |  | Reported As
As of December 28, 2024 |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash Equivalent |  | Marketable Securities
Corporate debt securities |  | $ | 13,517 |  |  | $ | 12 |  |  | $ | (15) |  |  | $ | 13,514 |  |  | $ | — |  |  | $ | 13,514 |
Government debt securities |  | 86,949 |  |  | 141 |  |  | (49) |  |  | 87,040 |  |  | — |  |  | 87,040 |
Money market funds |  | 188,057 |  |  | — |  |  | — |  |  | 188,057 |  |  | 188,057 |  |  | — |
Total |  | $ | 288,523 |  |  | $ | 153 |  |  | $ | (64) |  |  | $ | 288,611 |  |  | $ | 188,057 |  |  | $ | 100,554 |
Schedule of maturities of the company's available-for-sale investments and money market funds | The following summarizes the contractual underlying maturities of the Company’s available-for-sale investments at July 5, 2025 (in thousands):
| Cost |  | Fair Value
Due in one year or less | $ | 66,128 |  |  | $ | 66,163 |
Due after one year through five years | 34,840 |  |  | 34,918 |
| $ | 100,968 |  |  | $ | 101,081 |
Schedule of available-for-sale investments in continuous unrealized loss position | The available-for-sale investments that were in a continuous unrealized loss position, aggregated by length of time that individual securities have been in a continuous loss position, were as follows (in thousands):
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
As of July 5, 2025 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate debt securities |  | $ | — |  |  | $ | — |  |  | $ | 291 |  |  | $ | (2) |  |  | $ | 291 |  |  | $ | (2) |
Government debt securities |  | 35,456 |  |  | (31) |  |  | — |  |  | — |  |  | 35,456 |  |  | (31) |
|  | $ | 35,456 |  |  | $ | (31) |  |  | $ | 291 |  |  | $ | (2) |  |  | $ | 35,747 |  |  | $ | (33) |
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
As of December 28, 2024 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate debt securities |  | $ | — |  |  | $ | — |  |  | $ | 4,187 |  |  | $ | (15) |  |  | $ | 4,187 |  |  | $ | (15) |
Government debt securities |  | 26,318 |  |  | (49) |  |  | — |  |  | — |  |  | 26,318 |  |  | (49) |
|  | $ | 26,318 |  |  | $ | (49) |  |  | $ | 4,187 |  |  | $ | (15) |  |  | $ | 30,505 |  |  | $ | (64) |

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