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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Hierarchy of Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):

		Fair Value Measurements at
		March 31, 2026
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market funds		$	40,051			$	—			$	—			$	40,051
Short-term investments:
U.S. Treasury bills			—				39,876				—				39,876
Government securities			—				251,054				—				251,054
Government agency securities			—				107,796				—				107,796
		$	40,051			$	398,726			$	—			$	438,777

		Fair Value Measurements at
		December 31, 2025
		Level 1				Level 2				Level 3				Total
Assets:
Cash equivalents:
Money market funds		$	47,947			$	—			$	—			$	47,947
Short-term investments:
U.S. Treasury bills			—				79,359				—				79,359
Government securities			—				248,398				—				248,398
Government agency securities			—				110,137				—				110,137
		$	47,947			$	437,894			$	—			$	485,841

Schedule of Short-Term Investments

Short-term investments consisted of the following (in thousands):

		March 31, 2026
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Short-term investments:
U.S. Treasury bills		$	39,879			$	—			$	(3	)		$	39,876
Government securities			251,356				—				(302	)			251,054
Government agency securities			107,996				—				(200	)			107,796
		$	399,231			$	—			$	(505	)		$	398,726

		December 31, 2025
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Short-term investments:
U.S. Treasury bills		$	79,334			$	25			$	—			$	79,359
Government securities			247,968				430				—				248,398
Government agency securities			110,046				91				—				110,137
		$	437,348			$	546			$	—			$	437,894

Summary of Contractual Maturities of Short-term Investments in Available-for-Sale Debt Securities

The contractual maturities of the Company’s short-term investments in available-for-sale debt securities held were as follows (in thousands):

		March 31,				December 31,
		2026				2025
Due within one year		$	255,010			$	243,613
Due between one and two years			143,716				194,281
		$	398,726			$	437,894

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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