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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities | The recurring fair value measurements of the Company’s financial assets and liabilities measured at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | September 30, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 155,844 |  |  | $ | 155,844 |  |  | $ | — |  |  | $ | — |
U.S. Treasury notes |  |  | 407,207 |  |  |  | 407,207 |  |  |  | — |  |  |  | — |
Government sponsored enterprise securities |  |  | 181,816 |  |  |  | — |  |  |  | 181,816 |  |  |  | — |
Total |  | $ | 744,867 |  |  | $ | 563,051 |  |  | $ | 181,816 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 151,555 |  |  | $ | 151,555 |  |  | $ | — |  |  | $ | — |
U.S. Treasury notes |  |  | 245,903 |  |  |  | 245,903 |  |  |  | — |  |  |  | — |
Government sponsored enterprise securities |  |  | 190,501 |  |  |  | — |  |  |  | 190,501 |  |  |  | — |
Total |  | $ | 587,959 |  |  | $ | 397,458 |  |  | $ | 190,501 |  |  | $ | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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