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Marketable Securities and Fair Value Measurements | 12 Months Ended
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Dec. 31, 2025
Available-for-Sale Marketable Securities and Fair Value Measurements [Abstract] |
Marketable Securities and Fair Value Measurements | . Marketable Securities and Fair Value Measurements The Company records marketable securities and cash equivalents at their estimated fair values, which are based on market prices from a variety of industry standard data providers and generally represent quoted prices for similar assets in active markets or have been derived from observable market data. The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):
|  | As of December 31, 2025 |
|  |  |  |  | Fair Value Measurement |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 63,736 |  |  | $ | 63,736 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 50,163 |  |  |  | — |  |  |  | 50,163 |  |  |  | — |
Corporate securities |  |  | 2,190 |  |  |  | — |  |  |  | 2,190 |  |  |  | — |
Marketable securities, current: |  |  | — |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 141,984 |  |  |  | — |  |  |  | 141,984 |  |  |  | — |
Commercial paper |  |  | 67,784 |  |  |  | — |  |  |  | 67,784 |  |  |  | — |
Corporate securities |  |  | 32,573 |  |  |  | — |  |  |  | 32,573 |  |  |  | — |
U.S. government agency securities |  |  | 28,026 |  |  |  | — |  |  |  | 28,026 |  |  |  | — |
Marketable securities, non-current: |  |  | — |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 117,632 |  |  |  | — |  |  |  | 117,632 |  |  |  | — |
Corporate securities |  |  | 35,713 |  |  |  | — |  |  |  | 35,713 |  |  |  | — |
U.S. government agency securities |  |  | 4,224 |  |  |  | — |  |  |  | 4,224 |  |  |  | — |
Total measured at fair value |  | $ | 544,025 |  |  | $ | 63,736 |  |  | $ | 480,289 |  |  | $ | — |
|  | As of December 31, 2024 |
|  |  |  |  | Fair Value Measurement |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 141,779 |  |  | $ | 141,779 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 82,527 |  |  |  | — |  |  |  | 82,527 |  |  |  | — |
U.S. government agency securities |  |  | 8,059 |  |  |  | — |  |  |  | 8,059 |  |  |  | — |
Marketable securities, current: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 73,555 |  |  |  | — |  |  |  | 73,555 |  |  |  | — |
Commercial paper |  |  | 23,487 |  |  |  | — |  |  |  | 23,487 |  |  |  | — |
U.S. government agency securities |  |  | 14,193 |  |  |  | — |  |  |  | 14,193 |  |  |  | — |
Corporate securities |  |  | 1,492 |  |  |  | — |  |  |  | 1,492 |  |  |  | — |
Marketable securities, non-current: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 65,406 |  |  |  | — |  |  |  | 65,406 |  |  |  | — |
U.S. government agency securities |  |  | 2,514 |  |  |  | — |  |  |  | 2,514 |  |  |  | — |
Corporate securities |  |  | 1,946 |  |  |  | — |  |  |  | 1,946 |  |  |  | — |
Total measured at fair value |  | $ | 414,958 |  |  | $ | 141,779 |  |  | $ | 273,179 |  |  | $ | — |
Marketable Securities As of December 31, 2025, the Company’s marketable securities consist of debt securities, including U.S. treasury and agency securities, corporate debt securities and commercial paper. These marketable securities are carried at fair value and are included in the tables above. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. At each reporting date, the Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company evaluates, among others, whether the Company has the intention to sell any of these marketable securities and whether it is not more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met at December 31, 2025. The credit ratings of the securities held remain of the highest quality. Moreover, the Company continues to receive payments of interest and principal as they become due, and the Company's expectation is that those payments will continue to be received timely. Based on this evaluation, as of December 31, 2025, the Company determined that unrealized losses of its marketable securities were primarily attributable to changes in interest rates and non-credit related factors. As such, no allowances for credit losses were recorded at December 31, 2025. The Company did no t hold marketable securities at December 31, 2024. Interest receivable as of December 31, 2025 and 2024 was $3.4 million and $1.0 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the Company’s balance sheets. As of December 31, 2025, all marketable securities in an unrealized loss position had been in an unrealized loss position for less than 12 months. As of December 31, 2025, 44 marketable securities had been in an unrealized loss position for a period of less than 12 months. As of December 31, 2025, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities, marketable securities, non-current and cash equivalents (in thousands).
|  | Remaining Contractual Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Estimated Fair Value |
Commercial paper |  | Less than 1 |  | $ | 117,939 |  |  | $ | 17 |  |  | $ | (9 | ) |  | $ | 117,947 |
U.S. treasury securities |  | Less than 1 |  |  | 141,688 |  |  |  | 296 |  |  |  | — |  |  |  | 141,984 |
Corporate securities |  | Less than 1 |  |  | 34,755 |  |  |  | 14 |  |  |  | (6 | ) |  |  | 34,763 |
U.S. government agency securities |  | Less than 1 |  |  | 27,992 |  |  |  | 34 |  |  |  | — |  |  |  | 28,026 |
Total maturity less than 1 year |  |  |  |  | 322,374 |  |  |  | 361 |  |  |  | (15 | ) |  |  | 322,720 |
U.S. treasury securities |  | 1 to 2 |  |  | 117,376 |  |  |  | 257 |  |  |  | (1 | ) |  |  | 117,632 |
Corporate securities |  | 1 to 2 |  |  | 35,699 |  |  |  | 24 |  |  |  | (10 | ) |  |  | 35,713 |
U.S. government agency securities |  | 1 to 2 |  |  | 4,223 |  |  |  | 2 |  |  |  | (1 | ) |  |  | 4,224 |
Total |  |  |  | $ | 479,672 |  |  | $ | 644 |  |  | $ | (27 | ) |  | $ | 480,289 |
As of December 31, 2024, the following table summarizes the amortized cost and the unrealized gains (losses) of the marketable securities presented within marketable securities, marketable securities, non-current and cash equivalents (in thousands):
|  | Remaining Contractual Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Estimated Fair Value |
Commercial paper |  | Less than 1 |  | $ | 106,017 |  |  | $ | 6 |  |  | $ | (9 | ) |  | $ | 106,014 |
U.S. treasury securities |  | Less than 1 |  |  | 73,511 |  |  |  | 44 |  |  |  | — |  |  |  | 73,555 |
U.S. government agency securities |  | Less than 1 |  |  | 22,245 |  |  |  | 10 |  |  |  | (3 | ) |  |  | 22,252 |
Corporate securities |  | Less than 1 |  |  | 1,491 |  |  |  | 1 |  |  |  | — |  |  |  | 1,492 |
Total maturity less than 1 year |  |  |  |  | 203,264 |  |  |  | 61 |  |  |  | (12 | ) |  |  | 203,313 |
U.S. treasury securities |  | 1 to 2 |  |  | 65,427 |  |  |  | 37 |  |  |  | (58 | ) |  |  | 65,406 |
U.S. government agency securities |  | 1 to 2 |  |  | 2,492 |  |  |  | 22 |  |  |  | — |  |  |  | 2,514 |
Corporate securities |  | 1 to 2 |  |  | 1,940 |  |  |  | 7 |  |  |  | (1 | ) |  |  | 1,946 |
Total |  |  |  | $ | 273,123 |  |  | $ | 127 |  |  | $ | (71 | ) |  | $ | 273,179 |
As of December 31, 2025, the following table summarizes marketable securities in an unrealized loss position (in thousands):
| Remaining Contractual Maturity (in years) |  | Fair Value |  |  | Gross Unrealized Loss |
Commercial paper | Less than 1 |  | $ | 57,503 |  |  | $ | (9 | )
Corporate securities | Less than 1 |  |  | 10,064 |  |  |  | (6 | )
Total maturity less than 1 year |  |  |  | 67,567 |  |  |  | (15 | )
Corporate securities | 1 to 2 |  |  | 17,484 |  |  |  | (10 | )
U.S. treasury securities | 1 to 2 |  |  | 4,009 |  |  |  | (1 | )
U.S. government agency securities | 1 to 2 |  |  | 3,389 |  |  |  | (1 | )
Total |  |  | $ | 92,449 |  |  | $ | (27 | )

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