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Fair Value of Financial Instruments | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments Fair Value of Financial Instruments The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of March 31, 2026 (in thousands):
|  |  |  |  | Fair Value Measurements At Reporting Date Using |
|  | Total |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  | $ | 228,383 |  |  | $ | 228,383 |  |  | $ | — |  |  | $ | — |
Cash equivalents—U.S. treasury securities |  |  | 11,976 |  |  |  | — |  |  |  | 11,976 |  |  |  | — |
Short-term investments—U.S. treasury securities |  |  | 185,806 |  |  |  | — |  |  |  | 185,806 |  |  |  | — |
Short-term investments—equity securities |  |  | 3,598 |  |  |  | 3,598 |  |  |  | — |  |  |  | — |
Long-term investments—convertible notes |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Long-term investments—U.S. treasury securities |  |  | 66,357 |  |  |  | — |  |  |  | 66,357 |  |  |  | — |
Total assets measured at fair value |  | $ | 501,120 |  |  | $ | 231,981 |  |  | $ | 264,139 |  |  | $ | 5,000 |
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2025 (in thousands):
|  |  |  |  | Fair Value Measurements At Reporting Date Using |
|  | Total |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  | $ | 77,615 |  |  | $ | 77,615 |  |  | $ | — |  |  | $ | — |
Cash equivalents—U.S. treasury securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments—U.S. treasury securities |  |  | 60,457 |  |  |  | — |  |  |  | 60,457 |  |  |  | — |
Short-term investments—equity securities |  |  | 6,255 |  |  |  | 6,255 |  |  |  | — |  |  |  | — |
Long-term investments—convertible notes |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Long-term investments—U.S. treasury securities |  |  | 20,701 |  |  |  | — |  |  |  | 20,701 |  |  |  | — |
Total assets measured at fair value |  | $ | 170,028 |  |  | $ | 83,870 |  |  | $ | 81,158 |  |  | $ | 5,000 |
There were no transfers within the hierarchy and no changes in the valuation techniques used during the three months ended March 31, 2026. The following table summarizes available-for-sale securities (in thousands):
|  |  |  |  |  |  | As of March 31, 2026 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  |  |  | $ | 228,383 |  |  | $ | — |  |  | $ | — |  |  |  | 228,383 |
Cash equivalents—U.S. treasury securities |  |  |  |  | 11,976 |  |  |  | — |  |  |  | — |  |  |  | 11,976 |
Short-term investments—U.S. treasury securities |  | 1 or less |  |  | 185,930 |  |  |  | 18 |  |  |  | (142 | ) |  |  | 185,806 |
Short-term investments—equity securities |  | 1 or less |  |  | 7,696 |  |  |  | — |  |  |  | (4,098 | ) |  |  | 3,598 |
Long-term investments—convertible notes |  | 1 - 2 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Long-term investments—U.S. treasury securities |  | 1 - 2 |  |  | 66,477 |  |  |  | 2 |  |  |  | (122 | ) |  |  | 66,357 |
Total assets measured at fair value |  |  |  | $ | 505,462 |  |  | $ | 20 |  |  | $ | (4,362 | ) |  | $ | 501,120 |
|  |  |  |  |  |  | As of December 31, 2025 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  |  |  | $ | 77,610 |  |  | $ | 5 |  |  | $ | — |  |  |  | 77,615 |
Cash equivalents—U.S. treasury securities |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-term investments—U.S. treasury securities |  | 1 or less |  |  | 60,360 |  |  |  | 97 |  |  |  | — |  |  |  | 60,457 |
Short-term investments—equity securities |  | 1 or less |  |  | 6,857 |  |  |  | 17 |  |  |  | (619 | ) |  |  | 6,255 |
Long-term investments—convertible notes |  | 1 - 2 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Long-term investments—U.S. treasury securities |  | 1 - 2 |  |  | 20,689 |  |  |  | 12 |  |  |  | — |  |  |  | 20,701 |
Total assets measured at fair value |  |  |  | $ | 170,516 |  |  | $ | 131 |  |  | $ | (619 | ) |  | $ | 170,028 |
As of March 31, 2026, no ne of the available-for-sale securities held have been in an unrealized loss position for greater than 12 months. The Company does no t intend to sell these investments, and it is not likely that the Company will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recorded.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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