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Cash Equivalents and Marketable Securities | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities As of June 30, 2026, cash equivalents and marketable securities consisted of the following (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
Money market funds | $ | 132,662 |  |  | $ | — |  |  | $ | — |  |  | $ | 132,662 |
Commercial paper | 1,996 |  |  | — |  |  | — |  |  | 1,996 |
U.S. treasury debt securities | 264,945 |  |  | 55 |  |  | (658) |  |  | 264,342 |
U.S. government agency debt securities | 87,744 |  |  | 1 |  |  | (476) |  |  | 87,269 |
Corporate debt securities | 215,629 |  |  | 36 |  |  | (522) |  |  | 215,143 |
| $ | 702,976 |  |  | $ | 92 |  |  | $ | (1,656) |  |  | $ | 701,412 |
Included in cash and cash equivalents | $ | 138,652 |  |  | $ | — |  |  | $ | — |  |  | $ | 138,652 |
Included in marketable securities | $ | 564,324 |  |  | $ | 92 |  |  | $ | (1,656) |  |  | $ | 562,760 |
As of December 31, 2025, cash equivalents and marketable securities consisted of the following (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Fair Value
Money market funds | $ | 201,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 201,592 |
Commercial paper | 3,433 |  |  | — |  |  | — |  |  | 3,433 |
U.S. treasury debt securities | 287,930 |  |  | 697 |  |  | (8) |  |  | 288,619 |
U.S. government agency debt securities | 78,946 |  |  | 59 |  |  | (25) |  |  | 78,980 |
Corporate debt securities | 196,851 |  |  | 481 |  |  | (38) |  |  | 197,294 |
| $ | 768,752 |  |  | $ | 1,237 |  |  | $ | (71) |  |  | $ | 769,918 |
Included in cash and cash equivalents | $ | 217,063 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 217,066 |
Included in marketable securities | $ | 551,689 |  |  | $ | 1,234 |  |  | $ | (71) |  |  | $ | 552,852 |
The contractual maturities of the investments classified as marketable securities are as follows (in thousands):
| As of June 30, 2026
Due within one year | $ | 320,842 |
Due in one to two years | 231,952 |
Due in three to five years | 9,966 |
| $ | 562,760 |
The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of June 30, 2026, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):
| As of June 30, 2026
| Less than 12 months |  | 12 months or greater
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
U.S. treasury debt securities | $ | 201,171 |  |  | $ | (657) |  |  | $ | 6,503 |  |  | $ | (1) |
U.S. government agency debt securities | 82,267 |  |  | (476) |  |  | — |  |  | — |
Corporate debt securities | 169,048 |  |  | (522) |  |  | — |  |  | — |
Total | $ | 452,486 |  |  | $ | (1,655) |  |  | $ | 6,503 |  |  | $ | (1) |
We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of June 30, 2026, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.

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