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Marketable Securities | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 3. Marketable securities The following table summarizes the amortized cost and estimated fair value of the Company’s investments, which are considered to be available-for-sale investments, and were included in marketable securities and long-term marketable securities:
|  | March 31, 2026 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency debt securities |  | $ | 192,509 |  |  | $ | 1 |  |  | $ | (98 | ) |  | $ | 192,412 |
Corporate debt securities |  |  | 133,431 |  |  |  | — |  |  |  | (240 | ) |  |  | 133,191 |
Commercial paper |  |  | 81,786 |  |  |  | 2 |  |  |  | (43 | ) |  |  | 81,745 |
|  | $ | 407,726 |  |  | $ | 3 |  |  | $ | (381 | ) |  | $ | 407,348 |
Long-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency debt securities |  | $ | 34,129 |  |  | $ | — |  |  | $ | (75 | ) |  | $ | 34,054 |
Corporate debt securities |  |  | 28,770 |  |  |  | — |  |  |  | (77 | ) |  |  | 28,693 |
|  | $ | 62,899 |  |  | $ | — |  |  | $ | (152 | ) |  | $ | 62,747 |
|  | December 31, 2025 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency debt securities |  | $ | 169,690 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 169,798 |
Corporate debt securities |  |  | 122,737 |  |  | 23 |  |  |  | (47 | ) |  |  | 122,713 |
Commercial paper |  |  | 93,241 |  |  | 37 |  |  |  | — |  |  |  | 93,278 |
|  | $ | 385,668 |  |  | $ | 168 |  |  | $ | (47 | ) |  | $ | 385,789 |
Long-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency debt securities |  | $ | 62,038 |  |  | $ | 80 |  |  | $ | — |  |  | $ | 62,118 |
Corporate debt securities |  |  | 44,537 |  |  | 18 |  |  |  | (1 | ) |  |  | 44,554 |
|  | $ | 106,575 |  |  | $ | 98 |  |  | $ | (1 | ) |  | $ | 106,672 |
Certain short-term marketable securities with original maturities of less than 90 days are included in cash and cash equivalents on the consolidated balance sheets and are not included in the tables above. As of March 31, 2026, all short-term marketable securities had contractual maturities within one year and all long-term marketable securities had contractual maturities between one to two years. As of March 31, 2026, the Company had 67 securities with a total fair market value of $418.2 million in an unrealized loss position. The Company evaluated its securities for potential impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the investments in an unrealized loss position and does not expect it will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Given the Company’s intent and ability to hold such investments until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired and there are no allowances for credit losses as of March 31, 2026.

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