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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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 |  | $ | 251,404 |  |  | $ | 251,404 |  |  | $ | — |  |  | $ | — |
Short-term investments—U.S. treasury securities |  |  | 204,047 |  |  |  | — |  |  |  | 204,047 |  |  |  | — |
Short-term investments—equity securities |  |  | 2,646 |  |  |  | 2,646 |  |  |  | — |  |  |  | — |
Long-term investments—convertible notes |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Long-term investments—U.S. treasury securities |  |  | 62,280 |  |  |  | — |  |  |  | 62,280 |  |  |  | — |
Total assets measured at fair value |  | $ | 525,377 |  |  | $ | 254,050 |  |  | $ | 266,327 |  |  | $ | 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 |  |  | $ | — |  |  | $ | — |
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 June 30, 2026 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  |  |  | $ | 251,404 |  |  | $ | — |  |  | $ | — |  |  | $ | 251,404 |
Short-term investments—U.S. treasury securities |  | 1 or less |  |  | 204,496 |  |  |  | 1 |  |  |  | (450 | ) |  |  | 204,047 |
Short-term investments—equity securities |  | 1 or less |  |  | 4,605 |  |  |  | — |  |  |  | (1,959 | ) |  |  | 2,646 |
Long-term investments—convertible notes |  | 1 - 2 |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | 5,000 |
Long-term investments—U.S. treasury securities |  | 1 - 2 |  |  | 62,446 |  |  |  | — |  |  |  | (166 | ) |  |  | 62,280 |
Total assets measured at fair value |  |  |  | $ | 527,951 |  |  | $ | 1 |  |  | $ | (2,575 | ) |  | $ | 525,377 |
|  |  |  |  |  |  | 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 |
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 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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