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Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2025

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

4. 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

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	)

The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell the securities before recovery of the unamortized cost basis, which may be at maturity. There were no material realized gains or realized losses on marketable securities for the periods presented. Given the Company’s intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, the Company did not record an allowance for credit losses.

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