v3.25.4
MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities, Available-for-sale
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 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
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