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Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table presents the Company’s financial assets measured at fair value on a recurring basis, as well as the amortized cost basis and gross unrealized gains and losses of those assets as of September 30, 2025 (in thousands):
|  |  | Balance Sheet Classification
|  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Level 1: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 162,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 162,478 |  |  | $ | 162,478 |  |  | $ | — |
Money market mutual funds |  | 32,182 |  |  | — |  |  | — |  |  | 32,182 |  |  | 32,182 |  |  | — |
U.S. treasury securities |  | 85,880 |  |  | 38 |  |  | — |  |  | 85,918 |  |  | 4,492 |  |  | 81,426 |
Subtotal |  | 280,540 |  |  | 38 |  |  | — |  |  | 280,578 |  |  | 199,152 |  |  | 81,426 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 57,833 |  |  | — |  |  | — |  |  | 57,833 |  |  | 12,657 |  |  | 45,176 |
Certificates of deposit |  | 114 |  |  | — |  |  | — |  |  | 114 |  |  | — |  |  | 114 |
Corporate notes and obligations |  | 54,082 |  |  | 11 |  |  | (5) |  |  | 54,088 |  |  | — |  |  | 54,088 |
Asset-backed securities |  | 18,334 |  |  | 23 |  |  | — |  |  | 18,357 |  |  | — |  |  | 18,357 |
Subtotal |  | 130,363 |  |  | 34 |  |  | (5) |  |  | 130,392 |  |  | 12,657 |  |  | 117,735 |
Total cash, cash equivalents, and marketable securities |  | $ | 410,903 |  |  | $ | 72 |  |  | $ | (5) |  |  | $ | 410,970 |  |  | $ | 211,809 |  |  | $ | 199,161 |
As of December 31, 2024, the Company’s financial assets consisted of the following (in thousands):
|  |  | Balance Sheet Classification
|  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Marketable Securities
Level 1: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 176,987 |  |  | $ | — |  |  | $ | — |  |  | $ | 176,987 |  |  | $ | 176,987 |  |  | $ | — |
Money market mutual funds |  | 18,721 |  |  | — |  |  | — |  |  | 18,721 |  |  | 18,721 |  |  | — |
U.S. treasury securities |  | 149,555 |  |  | 73 |  |  | — |  |  | 149,628 |  |  | — |  |  | 149,628 |
Subtotal |  | 345,263 |  |  | 73 |  |  | — |  |  | 345,336 |  |  | 195,708 |  |  | 149,628 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | 11,688 |  |  | — |  |  | — |  |  | 11,688 |  |  | 1,337 |  |  | 10,351 |
Certificates of deposit |  | 3,987 |  |  | — |  |  | — |  |  | 3,987 |  |  | — |  |  | 3,987 |
Corporate notes and obligations |  | 135,302 |  |  | 17 |  |  | (40) |  |  | 135,279 |  |  | 21,387 |  |  | 113,892 |
Asset-backed securities |  | 9,585 |  |  | 6 |  |  | — |  |  | 9,591 |  |  | — |  |  | 9,591 |
Subtotal |  | 160,562 |  |  | 23 |  |  | (40) |  |  | 160,545 |  |  | 22,724 |  |  | 137,821 |
Total cash, cash equivalents, and marketable securities |  | $ | 505,825 |  |  | $ | 96 |  |  | $ | (40) |  |  | $ | 505,881 |  |  | $ | 218,432 |  |  | $ | 287,449 |
Schedule of Investments Classified by Contractual Maturity Date | The following table summarizes the fair value of the Company’s available-for-sale debt securities by contractual maturity as of September 30, 2025 (in thousands):
Due within 1 year | $ | 197,348 |
Due after 1 year through 5 years | 18,962 |
Total available-for-sale debt securities | $ | 216,310 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of September 30, 2025 (in thousands):
| Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Corporate notes and obligations | 20,654 |  |  | (5) |  |  |  |  |  |  |  |  |
Total available-for-sale debt securities | $ | 20,654 |  |  | $ | (5) |  |  |  |  |  |  |  |  |
The following table summarizes the available-for-sale debt securities which have been in a continuous unrealized loss position for less than 12 months as of December 31, 2024 (in thousands):
| Fair Value |  | Gross Unrealized Losses |  |  |  |  |  |  |  |
Corporate notes and obligations | 74,872 |  |  | (40) |  |  |  |  |  |  |  |  |
Total available-for-sale debt securities | $ | 74,872 |  |  | $ | (40) |  |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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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