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Financial Instruments (Tables)

9 Months Ended

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)

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
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Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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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
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