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Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Investments

Available-for-sale investments consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

 

 

 

June 30, 2026

 

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Loss

 

 

Estimated Fair Value

 

Short-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

23,478

 

 

$

1

 

 

$

(11

)

 

$

23,468

 

U.S. government treasury securities

 

 

134,565

 

 

 

11

 

 

 

(108

)

 

 

134,468

 

Corporate bonds

 

 

16,467

 

 

 

1

 

 

 

(22

)

 

 

16,446

 

Total short-term marketable securities

 

$

174,510

 

 

$

13

 

 

$

(141

)

 

$

174,382

 

Long-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasury and agency securities

 

$

23,598

 

 

$

—

 

 

$

(77

)

 

$

23,521

 

Corporate bonds

 

 

3,966

 

 

 

—

 

 

 

(7

)

 

 

3,959

 

Total long-term marketable securities

 

$

27,564

 

 

$

—

 

 

$

(84

)

 

$

27,480

 

 

 

 

December 31, 2025

 

 

 

Amortized Cost

 

 

Unrealized Gain

 

 

Unrealized Loss

 

 

Estimated Fair Value

 

Short-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

9,931

 

 

$

1

 

 

$

—

 

 

$

9,932

 

U.S. government treasury securities

 

 

114,138

 

 

 

204

 

 

 

—

 

 

 

114,342

 

Corporate bonds

 

 

32,177

 

 

 

34

 

 

 

—

 

 

 

32,211

 

Total short-term marketable securities

 

$

156,246

 

 

$

239

 

 

$

—

 

 

$

156,485

 

Long-term marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasury and agency securities

 

$

11,250

 

 

$

13

 

 

$

—

 

 

$

11,263

 

Corporate bonds

 

 

1,970

 

 

 

1

 

 

 

—

 

 

 

1,971

 

Total long-term marketable securities

 

$

13,220

 

 

$

14

 

 

$

—

 

 

$

13,234

 
Schedule of Gross Unrealized Holding Losses and Fair Values for Investments in Unrealized Loss Position

The following table presents the gross unrealized holding losses and fair values for investments in an unrealized loss position, and the length of time individual securities have been in a continuous loss position, as of June 30, 2026 (in thousands):

 

 

 

Less Than 12 Months

 

 

12 Months Or Greater

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

Commercial paper

 

$

14,471

 

 

$

(11

)

 

$

—

 

 

$

—

 

U.S. government treasury and agency securities

 

 

129,472

 

 

 

(185

)

 

 

—

 

 

 

—

 

Corporate bonds

 

 

17,404

 

 

 

(29

)

 

 

—

 

 

 

—

 

Total available-for-sale securities

 

$

161,347

 

 

$

(225

)

 

$

—

 

 

$

—