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MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS
Marketable Securities

The Company’s marketable securities consisted of the following as of December 31, 2025 and 2024 (in thousands):

Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
As of December 31, 2025
U.S. agency and treasury securities$223,526 $254 $(9)$223,771 
Corporate paper and bonds438,297 241 (39)438,499 
Total$661,823 $495 $(48)$662,270 
As of December 31, 2024
U.S. agency and treasury securities$286,039 $196 $(320)$285,915 
Corporate paper and bonds331,961 361 (247)332,075 
Total$618,000 $557 $(567)$617,990 

As of December 31, 2025, the Company considers the unrealized losses in its investment portfolio to be temporary in nature and not due to credit losses. The Company has the intent and ability to hold such investments until their recovery at fair value. The Company did not have any realized gains or losses in its available for sale securities for the years ended December 31, 2025, 2024, or 2023. The Company did not have any sales of marketable securities during the years ended December 31, 2025, 2024, or 2023. The contractual maturity dates of the Company’s investments are all less than 36 months.
Fair Value Measurements

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):
Quoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
 (Level 2)		Significant Unobservable Inputs
(Level 3)		Total
As of December 31, 2025
Assets:
Cash equivalents:
Money market funds$191,308 $— $— $191,308 
Corporate paper and bonds— 14,624 — 14,624 
Marketable securities:
U.S. agency and treasury securities— 223,771 — 223,771 
Corporate paper and bonds— 438,499 — 438,499 
Total cash equivalents and marketable securities$191,308 $676,894 $— $868,202 
Liabilities:
Derivative liability$— $— $20,030 $20,030 
Total liabilities$— $— $20,030 $20,030 
As of December 31, 2024
Assets:
Cash equivalents:
Money market funds$96,058 $— $— $96,058 
Marketable securities:
U.S. agency and treasury securities21,692 264,223 — 285,915 
Corporate paper and bonds— 332,075 — 332,075 
Total cash equivalents and marketable securities$117,750 $596,298 $— $714,048 

The fair value of the Company’s Level 1 cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of the Company’s Level 2 cash equivalents and marketable securities, consisting of securities with original maturities of three months or less and 36 months or less, respectively, are determined through third-party pricing services. The amortized cost of cash equivalents approximates the fair value. There have been no impairments of the Company’s assets measured and carried at fair value during the years ended December 31, 2025 and 2024. In addition, there were no changes in valuation techniques or transfers between Level 1, Level 2 and Level 3 financial assets during the years ended December 31, 2025 and 2024.
For information on the fair value of the derivative liability, see Note 7, Purchase and Sale of the Revenue Participation Right.
The Company believes the terms of its long-term debt, net and liability related to the sale of future revenue, net which were both entered into in October 2025 reflect current market conditions for instruments with similar terms and maturity, therefore the carrying value of the Company's long-term liabilities approximate their fair value based on Level 3 of the fair value hierarchy.