
	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	95,448	$	—	$	—	$	95,448


Total cash equivalents	$	95,448	$	—	$	—	$	95,448

Marketable securities:
Commercial paper	$	164,635	$	1	$	(230)	$	164,406
Corporate bonds	86,788		17		(149)		86,656
U.S. government treasury securities	257,224		252		(296)		257,180
U.S. government agency securities	136,402		20		(382)		136,040
Total marketable securities	$	645,049	$	290	$	(1,057)	$	644,282


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	74,004	$	—	$	—	$	74,004
Commercial paper	9,987		—		—		9,987

Total cash equivalents	$	83,991	$	—	$	—	$	83,991

Marketable securities:
Commercial paper	$	184,423	$	25	$	(80)	$	184,368
Corporate bonds	100,753		60		(23)		100,790
U.S. government treasury securities	265,316		748		—		266,064
U.S. government agency securities	119,450		153		(13)		119,590
Total marketable securities	$	669,942	$	986	$	(116)	$	670,812

The following table summarizes the available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2026 and December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position:


	March 31, 2026
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	139,980	$	(230)	$	—	$	—	$	139,980	$	(230)
Corporate bonds	$	74,746	$	(149)	$	—	$	—	$	74,746	$	(149)
U.S. government treasury securities	95,038		(296)		—		—		95,038		(296)
U.S. government agency securities	122,231		(382)		—		—		122,231		(382)
Total marketable securities	$	431,995	$	(1,057)	$	—	$	—	$	431,995	$	(1,057)

	December 31, 2025
	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Commercial paper	$	99,837	$	(80)	$	—	$	—	$	99,837	$	(80)
Corporate bonds	58,296		(23)		—		—		58,296		(23)

U.S. government agency securities	22,828		(13)		—		—		22,828		(13)
Total marketable securities	$	180,961	$	(116)	$	—	$	—	$	180,961	$	(116)

The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. As of March 31, 2026 and December 31, 2025, an allowance for credit losses had not been recognized. Given the Company's intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of March 31, 2026 and December 31, 2025.

The financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash deposits. Accounts at each of the Company's two U.S. banking institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor. As of March 31, 2026 and December 31, 2025, cash deposits at the Company's U.S. banking institutions exceeded the FDIC limits.

There were no realized gains or losses on marketable securities for both the three months ended March 31, 2026 and 2025. Interest on marketable securities is included in interest income. Accrued interest receivable on available-for-sale debt securities as of March 31, 2026 and December 31, 2025, was $4.6 million and $4.5 million, respectively, and is reflected in Prepaid expenses and other current assets.

The Company may sell investments at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies marketable securities, including securities with maturities beyond twelve months as current assets.