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Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Cash Equivalents and Marketable Securities [Abstract] |
Schedule of Cash Equivalents and Marketable Securities | The following tables summarize the cash equivalents and marketable securities, which are classified as available-for-sale as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 22,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,106 |
U.S. treasury securities |  |  | 9,985 |  |  |  | — |  |  |  | — |  |  |  | 9,985 |
U.S. government agency securities |  |  | 5,994 |  |  |  | — |  |  |  | — |  |  |  | 5,994 |
Commercial papers |  |  | 50,919 |  |  |  | — |  |  |  | (7 | ) |  |  | 50,912 |
Total cash equivalents |  |  | 89,004 |  |  |  | — |  |  |  | (7 | ) |  |  | 88,997 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 199,445 |  |  |  | 186 |  |  |  | (5 | ) |  |  | 199,626 |
U.S. government agency securities |  |  | 20,588 |  |  |  | 12 |  |  |  | — |  |  |  | 20,600 |
Commercial papers |  |  | 16,987 |  |  |  | 1 |  |  |  | — |  |  |  | 16,988 |
Corporate debt securities |  |  | 20,668 |  |  |  | 20 |  |  |  | — |  |  |  | 20,688 |
Total marketable securities, current |  |  | 257,688 |  |  |  | 219 |  |  |  | (5 | ) |  |  | 257,902 |
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 80,409 |  |  |  | 29 |  |  |  | (26 | ) |  |  | 80,412 |
Corporate debt securities |  |  | 47,952 |  |  |  | 2 |  |  |  | (32 | ) |  |  | 47,922 |
U.S. government agency securities |  |  | 23,424 |  |  |  | 15 |  |  |  | (10 | ) |  |  | 23,429 |
Total marketable securities, long-term |  |  | 151,785 |  |  |  | 46 |  |  |  | (68 | ) |  |  | 151,763 |
Total cash equivalents and marketable securities |  | $ | 498,477 |  |  | $ | 265 |  |  | $ | (80 | ) |  | $ | 498,662 |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 6,350 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,350 |
U.S. treasury securities |  |  | 19,656 |  |  |  | 4 |  |  |  | — |  |  |  | 19,660 |
U.S. government agency securities |  |  | 3,988 |  |  |  | — |  |  |  | — |  |  |  | 3,988 |
Commercial papers |  |  | 22,180 |  |  |  | — |  |  |  | (3 | ) |  |  | 22,177 |
Total cash equivalents |  |  | 52,174 |  |  |  | 4 |  |  |  | (3 | ) |  |  | 52,175 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 190,748 |  |  |  | 55 |  |  |  | (11 | ) |  |  | 190,792 |
U.S. government agency securities |  |  | 12,967 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 12,966 |
Commercial papers |  |  | 34,808 |  |  |  | 3 |  |  |  | — |  |  |  | 34,811 |
Corporate debt securities |  |  | 75,537 |  |  |  | 7 |  |  |  | (40 | ) |  |  | 75,504 |
Total marketable securities, current |  |  | 314,060 |  |  |  | 66 |  |  |  | (53 | ) |  |  | 314,073 |
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 13,639 |  |  |  | — |  |  |  | (32 | ) |  |  | 13,607 |
U.S. government agency securities |  |  | 4,485 |  |  |  | — |  |  |  | (23 | ) |  |  | 4,462 |
Total marketable securities, long-term |  |  | 18,124 |  |  |  | — |  |  |  | (55 | ) |  |  | 18,069 |
Total cash equivalents and marketable securities |  | $ | 384,358 |  |  | $ | 70 |  |  | $ | (111 | ) |  | $ | 384,317 |
Schedule of Available-for-Sale Securities in an Unrealized Loss Position | The following table summarizes the available-for-sale securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position, for which an allowance for credit losses was not recorded as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | 47,435 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | 47,435 |  |  | $ | (7 | )
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 40,679 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 40,679 |  |  |  | (5 | )
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 44,290 |  |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | 44,290 |  |  |  | (26 | )
Corporate debt securities |  |  | 39,462 |  |  |  | (32 | ) |  |  | — |  |  |  | — |  |  |  | 39,462 |  |  |  | (32 | )
U.S. government agency securities |  |  | 11,415 |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 11,415 |  |  |  | (10 | )
Total |  | $ | 183,281 |  |  | $ | (80 | ) |  | $ | — |  |  | $ | — |  |  | $ | 183,281 |  |  | $ | (80 | )
|  | December 31, 2024 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial papers |  | $ | 18,199 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 18,199 |  |  | $ | (3 | )
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable securities, current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 49,904 |  |  |  | (11 | ) |  |  | — |  |  |  | — |  |  |  | 49,904 |  |  |  | (11 | )
U.S. government agency securities |  |  | 4,713 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 4,713 |  |  |  | (2 | )
Corporate debt securities |  |  | 39,468 |  |  |  | (40 | ) |  |  | — |  |  |  | — |  |  |  | 39,468 |  |  |  | (40 | )
Marketable securities, long-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 13,607 |  |  |  | (32 | ) |  |  | — |  |  |  | — |  |  |  | 13,607 |  |  |  | (32 | )
U.S. government agency securities |  |  | 4,462 |  |  |  | (23 | ) |  |  | — |  |  |  | — |  |  |  | 4,462 |  |  |  | (23 | )
Total |  | $ | 130,353 |  |  | $ | (111 | ) |  | $ | — |  |  | $ | — |  |  | $ | 130,353 |  |  | $ | (111 | )
Schedule of Marketable Securities at Estimated Fair Value | The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Due in one year or less |  | $ | 257,902 |  |  | $ | 314,073 |
Due in 1-2 years |  |  | 151,763 |  |  |  | 18,069 |
Total |  | $ | 409,665 |  |  | $ | 332,142 |

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