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v3.26.1

Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
As of June 30, 2026: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,931 |  |  | $ | 5,931 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 7,092 |  |  |  | — |  |  |  | 7,092 |  |  |  | — |
Total cash equivalents |  |  | 13,023 |  |  |  | 5,931 |  |  |  | 7,092 |  |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 138,720 |  |  |  | 138,720 |  |  |  | — |  |  |  | — |
U.S. agency bonds |  |  | 400,924 |  |  |  | — |  |  |  | 400,924 |  |  |  | — |
Corporate debt securities |  |  | 246,298 |  |  |  | — |  |  |  | 246,298 |  |  |  | — |
Commercial paper |  |  | 157,203 |  |  |  | — |  |  |  | 157,203 |  |  |  | — |
Total short-term investments |  |  | 943,145 |  |  |  | 138,720 |  |  |  | 804,425 |  |  |  | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market account |  |  | 816 |  |  |  | 816 |  |  |  | — |  |  |  | — |
Total restricted cash |  |  | 816 |  |  |  | 816 |  |  |  | — |  |  |  | — |
Total assets measured at fair value on a recurring basis |  | $ | 956,984 |  |  | $ | 145,467 |  |  | $ | 811,517 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
As of December 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 41,085 |  |  | $ | 41,085 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 9,478 |  |  |  | — |  |  |  | 9,478 |  |  |  | — |
Total cash equivalents |  |  | 50,563 |  |  |  | 41,085 |  |  |  | 9,478 |  |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 123,296 |  |  |  | 123,296 |  |  |  | — |  |  |  | — |
U.S. agency bonds |  |  | 392,008 |  |  |  | — |  |  |  | 392,008 |  |  |  | — |
Corporate debt securities |  |  | 317,168 |  |  |  | — |  |  |  | 317,168 |  |  |  | — |
Commercial paper |  |  | 81,761 |  |  |  | — |  |  |  | 81,761 |  |  |  | — |
Total short-term investments |  |  | 914,233 |  |  |  | 123,296 |  |  |  | 790,937 |  |  |  | — |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market account |  |  | 816 |  |  |  | 816 |  |  |  | — |  |  |  | — |
Total restricted cash |  |  | 816 |  |  |  | 816 |  |  |  | — |  |  |  | — |
Total assets measured at fair value on a recurring basis |  | $ | 965,612 |  |  | $ | 165,197 |  |  | $ | 800,415 |  |  | $ | — |
Reconciliation of Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the condensed statements of cash flows (in thousands):
|  | June 30, 2026 |  |  | December 31, 2025 |
Cash and cash equivalents |  | $ | 27,768 |  |  | $ | 52,334 |
Restricted cash |  |  | 816 |  |  |  | 816 |
Total cash and cash equivalents and restricted cash |  | $ | 28,584 |  |  | $ | 53,150 |
Summary of Short-Term Investments | The following tables summarize short-term investments (in thousands):
|  | As of June 30, 2026 |
|  | Amortized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. Treasury securities |  | $ | 139,999 |  |  | $ | 5 |  |  | $ | (1,284 | ) |  | $ | 138,720 |
U.S. agency bonds |  |  | 402,004 |  |  |  | 324 |  |  |  | (1,404 | ) |  |  | 400,924 |
Corporate debt securities |  |  | 246,056 |  |  |  | 298 |  |  |  | (56 | ) |  |  | 246,298 |
Commercial paper |  |  | 157,391 |  |  |  | — |  |  |  | (188 | ) |  |  | 157,203 |
Total |  | $ | 945,450 |  |  | $ | 627 |  |  | $ | (2,932 | ) |  | $ | 943,145 |
|  | As of December 31, 2025 |
|  | Amortized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
U.S. Treasury securities |  | $ | 123,072 |  |  | $ | 233 |  |  | $ | (9 | ) |  | $ | 123,296 |
U.S. agency bonds |  |  | 389,831 |  |  |  | 2,195 |  |  |  | (18 | ) |  |  | 392,008 |
Corporate debt securities |  |  | 315,294 |  |  |  | 1,874 |  |  |  | — |  |  |  | 317,168 |
Commercial paper |  |  | 81,720 |  |  |  | 47 |  |  |  | (6 | ) |  |  | 81,761 |
Total |  | $ | 909,917 |  |  | $ | 4,349 |  |  | $ | (33 | ) |  | $ | 914,233 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities | Contractual maturities of available-for-sale debt securities are as follows (in thousands):
|  | As of June 30, 2026 |
|  | Due in 1 Year or Less |  |  | Due Between 1 and 3 Years |
U.S. Treasury securities |  | $ | 27,034 |  |  | $ | 111,686 |
U.S. agency bonds |  |  | 186,461 |  |  |  | 214,463 |
Corporate debt securities |  |  | 210,723 |  |  |  | 35,575 |
Commercial paper |  |  | 157,203 |  |  |  | — |
Total |  | $ | 581,421 |  |  | $ | 361,724 |
|  | As of December 31, 2025 |
|  | Due in 1 Year or Less |  |  | Due Between 1 and 3 Years |
U.S. Treasury securities |  | $ | 40,011 |  |  | $ | 83,285 |
U.S. agency bonds |  |  | 162,804 |  |  |  | 229,204 |
Corporate debt securities |  |  | 185,835 |  |  |  | 131,333 |
Commercial paper |  |  | 81,761 |  |  |  | — |
Total |  | $ | 470,411 |  |  | $ | 443,822 |
Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share | Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):
|  | As of June 30, |
|  | 2026 |  |  | 2025 |
Common stock options outstanding |  |  | 10,020,149 |  |  |  | 10,210,004 |
Unvested RSUs |  |  | 1,095,189 |  |  |  | 686,690 |
Employee stock purchase plan shares |  |  | 10,002 |  |  |  | 10,203 |
Total potentially dilutive shares |  |  | 11,125,340 |  |  |  | 10,906,897 |

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