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v3.26.1

Fair Value Measurements and Marketable Securities Available-for-Sale (Tables) | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Schedule of Marketable securities Measured at Fair Value on Recurring Basis |
|  | March 31, 2026 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 87,634 |  |  | $ | 87,634 |  |  | $ | — |  |  | $ | — |
|  |  | 87,634 |  |  |  | 87,634 |  |  |  | — |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposits |  |  | 2,893 |  |  |  | — |  |  |  | 2,893 |  |  |  | — |
Commercial paper |  |  | 9,227 |  |  |  | — |  |  |  | 9,227 |  |  |  | — |
U.S. government and government agency securities |  |  | 284,910 |  |  |  | — |  |  |  | 284,910 |  |  |  | — |
Corporate bonds |  |  | 111,308 |  |  |  | — |  |  |  | 111,308 |  |  |  | — |
|  |  | 408,338 |  |  |  | — |  |  |  | 408,338 |  |  |  | — |
Total financial assets: |  | $ | 495,972 |  |  | $ | 87,634 |  |  | $ | 408,338 |  |  | $ | — |
|  | December 31, 2025 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 52,339 |  |  | $ | 52,339 |  |  | $ | — |  |  | $ | — |
U.S. government and government agency securities |  |  | 43,990 |  |  |  | — |  |  |  | 43,990 |  |  |  | — |
|  |  | 96,329 |  |  |  | 52,339 |  |  |  | 43,990 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposits |  |  | 3,918 |  |  |  | — |  |  |  | 3,918 |  |  |  | — |
Commercial paper |  |  | 5,158 |  |  |  | — |  |  |  | 5,158 |  |  |  | — |
U.S. government and government agency securities |  |  | 226,777 |  |  |  | — |  |  |  | 226,777 |  |  |  | — |
Corporate bonds |  |  | 129,272 |  |  |  | — |  |  |  | 129,272 |  |  |  | — |
|  |  | 365,125 |  |  |  | — |  |  |  | 365,125 |  |  |  | — |
Total financial assets: |  | $ | 461,454 |  |  | $ | 52,339 |  |  | $ | 409,115 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrants |  | $ | 2,865 |  |  | $ | 2,865 |  |  | $ | — |  |  | $ | — |
Schedule of Cost, Aggregate Fair Value and Unrealized Gains of Marketable Securities Available-for-sale | The following table provides the amortized cost, aggregate fair value, and unrealized gains (losses) of marketable securities as of March 31, 2026 and December 31, 2025:
|  | March 31, 2026 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 87,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,634 |
|  |  | 87,634 |  |  |  | — |  |  |  | — |  |  |  | 87,634 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposits |  |  | 2,888 |  |  |  | 5 |  |  |  | — |  |  |  | 2,893 |
Commercial paper |  |  | 9,231 |  |  |  | 4 |  |  |  | (8 | ) |  |  | 9,227 |
U.S. government and government agency securities |  |  | 285,242 |  |  |  | 137 |  |  |  | (469 | ) |  |  | 284,910 |
Corporate bonds |  |  | 111,422 |  |  |  | 48 |  |  |  | (162 | ) |  |  | 111,308 |
|  |  | 408,783 |  |  |  | 194 |  |  |  | (639 | ) |  |  | 408,338 |
|  | $ | 496,417 |  |  | $ | 194 |  |  | $ | (639 | ) |  | $ | 495,972 |
|  | December 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
|  | (In thousands) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 52,339 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,339 |
U.S. government and government agency securities |  |  | 43,985 |  |  |  | 5 |  |  |  | — |  |  |  | 43,990 |
|  |  | 96,324 |  |  |  | 5 |  |  |  | — |  |  |  | 96,329 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Certificate of deposits |  |  | 3,909 |  |  |  | 9 |  |  |  | — |  |  |  | 3,918 |
Commercial paper |  |  | 5,154 |  |  |  | 4 |  |  |  | — |  |  |  | 5,158 |
U.S. government and government agency securities |  |  | 226,247 |  |  |  | 530 |  |  |  | — |  |  |  | 226,777 |
Corporate bonds |  |  | 129,044 |  |  |  | 249 |  |  |  | (21 | ) |  |  | 129,272 |
|  |  | 364,354 |  |  |  | 792 |  |  |  | (21 | ) |  |  | 365,125 |
|  | $ | 460,678 |  |  | $ | 797 |  |  | $ | (21 | ) |  | $ | 461,454 |
Schedule of Net Realized Gain (Loss) on Marketable Securities | For the three months ended March 31, 2026 and 2025, there were no unrealized gains or losses on equity securities. The activity related to the net gains (losses) on marketable securities included in other income (expense) on the consolidated statements of operations and comprehensive loss were as follows (in thousands):
|  | Three months ended March 31, |
|  | 2026 |  |  | 2025 |
Net realized gains (losses) on available-for-sale securities were as follows: |  |  |  |  |  |
Realized gains from sales of available-for-sale securities |  | $ | 8 |  |  | $ | 3 |
Realized losses from sales of available-for-sale securities |  |  | — |  |  |  | — |
Total losses on marketable securities |  | $ | 8 |  |  | $ | 3 |
Schedule of Marketable Securities with Continuous Unrealized Losses | The following tables provide marketable securities with continuous unrealized losses for less than 12 months and 12 months or greater and the related fair values as of March 31, 2026 and December 31, 2025 were as follows:
|  | March 31, 2026 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (In thousands) |
Commercial paper |  | $ | 4,681 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | — |  |  | $ | 4,681 |  |  | $ | (8 | )
U.S. government and government agency securities |  |  | 136,930 |  |  |  | (469 | ) |  |  | — |  |  |  | — |  |  |  | 136,930 |  |  |  | (469 | )
Corporate bonds |  |  | 76,414 |  |  |  | (162 | ) |  |  | — |  |  |  | — |  |  |  | 76,414 |  |  |  | (162 | )
|  | $ | 218,025 |  |  | $ | (639 | ) |  | $ | — |  |  | $ | — |  |  | $ | 218,025 |  |  | $ | (639 | )
|  | December 31, 2025 |
|  | Less than 12 Months |  |  | 12 Months or Greater |  |  | Total |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
|  | (In thousands) |
Corporate bonds |  | $ | 18,157 |  |  | $ | (21 | ) |  | $ | — |  |  | $ | — |  |  | $ | 18,157 |  |  | $ | (21 | )
|  | $ | 18,157 |  |  | $ | (21 | ) |  | $ | — |  |  | $ | — |  |  | $ | 18,157 |  |  | $ | (21 | )
Unrealized losses from the marketable securities are primarily attributable to changes in interest rates and represent temporary impairments due to general market factors.
Schedule Of Available for sale Securities Maturity On Fair Value | Maturity information based on fair value is as follows as of March 31, 2026:
|  | Within one year |  |  | After one year through five years |  |  | Total |
|  | (In thousands) |
Certificate of deposits |  | $ | 2,893 |  |  | $ | — |  |  | $ | 2,893 |
Commercial paper |  |  | 9,227 |  |  |  | — |  |  |  | 9,227 |
U.S. government and government agency securities |  |  | 192,304 |  |  |  | 92,606 |  |  |  | 284,910 |
Corporate bonds |  |  | 42,914 |  |  |  | 68,394 |  |  |  | 111,308 |
|  | $ | 247,338 |  |  | $ | 161,000 |  |  | $ | 408,338 |

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