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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents financial instruments measured at fair value on a recurring basis based on the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):
March 31,December 31,
20262025
Level 1
Assets
Cash equivalents
Money market funds$111,629 $161,943 
There were no transfers within the fair value hierarchy during the periods presented.
The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein:
Money Market Funds — The carrying amounts of money market funds reported as cash and cash equivalents in the condensed balance sheets approximate their fair values due to their short-term nature. The fair values of money market funds are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.
U.S. Treasury Bills — As of March 31, 2026 and December 31, 2025, the Company had short-term U.S. Treasury bills. Fair values of these securities are determined by Level 2 inputs utilizing quoted prices
(unadjusted) in active markets for similar assets. The following table presents information about the Company’s investments in held-to-maturity U.S. Treasury bills as of each reported date (in thousands):
As of March 31, 2026
Balance Sheet LocationOriginal MaturitiesAmortized
Cost		Estimated
Fair Value
Investmentsbetween 3 and 12 months$533,281 $533,211 
As of December 31, 2025
Balance Sheet LocationOriginal MaturitiesAmortized
Cost		Estimated
Fair Value
Cash and cash equivalentsless than 3 months$9,948 $9,948 
Investmentsbetween 3 and 12 months483,714 483,891 
Total$493,662 $493,839