Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

All marketable securities were considered available-for-sale at March 31, 2026 and December 31, 2025. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs as discussed in Note 2, "Fair Value Measurements". The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type at each balance sheet date are summarized in the tables below (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	522,445	$	200	$	(254)	$	522,391

Corporate debt securities	77,725		36		(94)		77,667

Total short-term marketable securities	600,170		236		(348)		600,058
Long-term marketable securities:
U.S. government treasuries	40,396		—		(88)		40,308

Corporate debt securities	23,607		—		(130)		23,477
Total long-term marketable securities	64,003		—		(218)		63,785
Total	$	664,173	$	236	$	(566)	$	663,843


	December 31, 2025
	Amortized Cost		Unrealized Holding Gains		Unrealized Holding Losses		Aggregate Fair Value
Short-term marketable securities:
U.S. government treasuries	$	599,200	$	893	$	(9)	$	600,084

Corporate debt securities	62,407		71		(9)		62,469

Total short-term marketable securities	661,607		964		(18)		662,553
Long-term marketable securities:
U.S. government treasuries	58,524		21		—		58,545

Corporate debt securities	39,710		69		(2)		39,777
Total long-term marketable securities	98,234		90		(2)		98,322
Total	$	759,841	$	1,054	$	(20)	$	760,875

As of March 31, 2026 and December 31, 2025, some of the Company's marketable securities were in an unrealized loss position. The Company has not recognized an allowance for credit losses as of March 31, 2026 or December 31, 2025. The Company determined that it had the ability and intent to hold all marketable securities that have been in a continuous loss position until maturity or recovery. Further, a majority of these marketable securities are held in U.S. government securities, and the remainder were initially, and continue to be, held with investment grade, high credit quality institutions. All marketable securities with unrealized losses as of each balance sheet date have been in a loss position for less than twelve months or the loss is not material.

As of March 31, 2026, all of the Company’s marketable securities have an effective maturity of less than two years.