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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Company's Financial Instruments by Significant Investment Category Measured at Fair Value on a Recurring Basis Within the Fair Value Hierarchy

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

Summary of Available-for-Sale Securities

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