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Cash Equivalents and Marketable Securities | 3 Months Ended
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Mar. 31, 2026
Cash and Cash Equivalents [Abstract] |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The following is a summary of the Company's investment portfolio as of March 31, 2026 and December 31, 2025 (in thousands):
| As of March 31, 2026
|  |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 245,659 |  |  | $ | — |  |  | $ | — |  |  | $ | 245,659 |
Available-for-sale securities: |  |  |  |  |  |  |
Debt securities issued by U.S. government agencies | 257,475 |  |  | — |  |  | (177) |  |  | 257,298 |
Corporate debt securities | 311,749 |  |  | — |  |  | (643) |  |  | 311,106 |
Asset backed securities | 88,419 |  |  |  |  | (31) |  |  | 88,388 |
Commercial paper | 6,552 |  |  | — |  |  | (15) |  |  | 6,537 |
Other debt securities | 248,869 |  |  | — |  |  | (728) |  |  | 248,141 |
Total cash equivalents and marketable securities | $ | 1,158,723 |  |  | $ | — |  |  | $ | (1,594) |  |  | $ | 1,157,129 |
| As of December 31, 2025
|  |  | Gross Unrealized |  | Estimated
| Cost |  | Gains |  | Losses |  | Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 195,296 |  |  | $ | — |  |  | $ | — |  |  | $ | 195,296 |
Debt securities issued by U.S. government agencies | 7,003 |  |  | — |  |  | (1) |  |  | 7,002 |
Available-for-sale securities: |  |  |  |  |  |  |
Corporate debt securities | 198,036 |  |  | 282 |  |  | — |  |  | 198,318 |
Debt securities issued by U.S. government agencies | 183,739 |  |  | 258 |  |  | — |  |  | 183,997 |
Asset backed securities | 61,282 |  |  | 70 |  |  | — |  |  | 61,352 |
Commercial paper | 7,714 |  |  | 4 |  |  | — |  |  | 7,718 |
Other debt securities | 117,424 |  |  | — |  |  | (50) |  |  | 117,374 |
Total cash equivalents and marketable securities | $ | 770,494 |  |  | $ | 614 |  |  | $ | (51) |  |  | $ | 771,057 |
As of March 31, 2026, the Company had 178 securities with a total fair market value of $763.2 million in an unrealized loss position. The Company believes that any unrealized losses associated with the decline in value of its securities is temporary and primarily related to the change in market interest rates since purchase, and believes that it is more likely than not that it will be able to hold its debt securities to maturity. The Company anticipates a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized. Contractual maturities of the marketable securities at each balance sheet date are as follows (in thousands):
| March 31, 2026 |  | December 31, 2025
Within one year | $ | 250,532 |  |  | $ | 242,002 |
After one year through five years | 660,938 |  |  | 326,757 |
Total | $ | 911,470 |  |  | $ | 568,759 |
Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three months ended March 31, 2026 and 2025.

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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