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Investments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Marketable Investments | The Company’s marketable investments have been classified and accounted for as available-for-sale. The Company’s intent is that all marketable investments are available for use in its current operations, including marketable investments with maturity dates greater than one year from September 30, 2025. The Company’s short-term marketable investments as of September 30, 2025 and December 31, 2024 were as follows (in thousands):
|  | September 30, 2025
Short-Term Marketable Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Certificates of deposit |  | $ | 1,312 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,312 |
U.S. treasury securities |  | 257,504 |  |  | 325 |  |  | (10) |  |  | 257,819 |
U.S. agency and government-sponsored securities |  | 196,196 |  |  | 65 |  |  | (135) |  |  | 196,126 |
Commercial paper |  | 5,767 |  |  | 3 |  |  | — |  |  | 5,770 |
Municipal bonds |  | 499 |  |  | — |  |  | — |  |  | 499 |
Corporate bonds |  | 21,177 |  |  | 44 |  |  | — |  |  | 21,221 |
Total |  | $ | 482,455 |  |  | $ | 437 |  |  | $ | (145) |  |  | $ | 482,747 |
|  | December 31, 2024
Short-Term Marketable Investments |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Certificates of deposit |  | $ | 802 |  |  | $ | — |  |  | $ | — |  |  | $ | 802 |
U.S. treasury securities |  | 442,353 |  |  | 442 |  |  | (223) |  |  | 442,572 |
U.S. agency and government-sponsored securities |  | 146,762 |  |  | 16 |  |  | (18) |  |  | 146,760 |
Commercial paper |  | 9,600 |  |  | 8 |  |  | — |  |  | 9,608 |
Corporate bonds |  | 43,550 |  |  | 124 |  |  | (6) |  |  | 43,668 |
Total |  | $ | 643,067 |  |  | $ | 590 |  |  | $ | (247) |  |  | $ | 643,410 |
Schedule of Gross Unrealized Losses and Fair Value of Marketable Investments | The following table presents the gross unrealized losses and the fair value for those marketable investments that were in an unrealized loss position for less than 12 months as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |  | December 31, 2024
|  | Less than 12 months |  | Less than 12 months
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | (10) |  |  | $ | 28,881 |  |  | $ | (223) |  |  | $ | 104,716 |
U.S. agency and government-sponsored securities |  | (135) |  |  | 85,524 |  |  | (18) |  |  | 76,484 |
Corporate bonds |  | — |  |  | — |  |  | (6) |  |  | 4,219 |
Total |  | $ | (145) |  |  | $ | 114,405 |  |  | $ | (247) |  |  | $ | 185,419 |
Schedule of Assets Carried at Fair Value | The amortized cost and fair value of the Company’s marketable investments by contractual maturity as of September 30, 2025 were as follows (in thousands):
| Cost |  | Fair Value
Due within one year | $ | 254,896 |  |  | $ | 255,194 |
Due after one year through two years | 227,559 |  |  | 227,553 |
Total | $ | 482,455 |  |  | $ | 482,747 |
The following tables set forth the Company’s assets measured at fair value by level within the fair value hierarchy (in thousands):
| September 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 68,861 |  |  | $ | — |  |  | $ | — |  |  | $ | 68,861 |
Certificates of deposit | — |  |  | 996 |  |  | — |  |  | 996 |
U.S. treasury securities | 8,112 |  |  | — |  |  | — |  |  | 8,112 |
U.S. agency and government sponsored securities | — |  |  | 2,241 |  |  | — |  |  | 2,241 |
Commercial paper | — |  |  | 401 |  |  | — |  |  | 401 |
Total cash equivalents | $ | 76,973 |  |  | $ | 3,638 |  |  | $ | — |  |  | $ | 80,611 |
Marketable investments |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 1,312 |  |  | $ | — |  |  | $ | 1,312 |
U.S. treasury securities | 257,819 |  |  | — |  |  | — |  |  | 257,819 |
U.S. agency and government sponsored securities | — |  |  | 196,126 |  |  | — |  |  | 196,126 |
Commercial paper | — |  |  | 5,770 |  |  | — |  |  | 5,770 |
Municipal bonds | — |  |  | 499 |  |  | — |  |  | 499 |
Corporate bonds | — |  |  | 21,221 |  |  | — |  |  | 21,221 |
Total marketable investments | $ | 257,819 |  |  | $ | 224,928 |  |  | $ | — |  |  | $ | 482,747 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 114,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 114,370 |
Certificates of deposit | — |  |  | 496 |  |  | — |  |  | 496 |
U.S. treasury securities | 42,946 |  |  | — |  |  | — |  |  | 42,946 |
U.S. agency and government-sponsored securities | — |  |  | 41,832 |  |  | — |  |  | 41,832 |
Total cash equivalents | $ | 157,316 |  |  | $ | 42,328 |  |  | $ | — |  |  | $ | 199,644 |
Marketable investments |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 802 |  |  | $ | — |  |  | $ | 802 |
U.S. treasury securities | 442,572 |  |  | — |  |  | — |  |  | 442,572 |
U.S. agency and government-sponsored securities | — |  |  | 146,760 |  |  | — |  |  | 146,760 |
Commercial paper | — |  |  | 9,608 |  |  | — |  |  | 9,608 |
Corporate bonds | — |  |  | 43,668 |  |  | — |  |  | 43,668 |
Total marketable investments | $ | 442,572 |  |  | $ | 200,838 |  |  | $ | — |  |  | $ | 643,410 |

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