Organization and Summary of Significant Accounting Policies (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Summary of Financial Instruments Measured at Fair Value on Recurring Basis |
The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis (in thousands):
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Fair Value Measurements at
Reporting Date Using |
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Total |
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Quoted Prices in
Active Markets for
Identical Assets
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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As of June 30, 2026: |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
5,931 |
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$ |
5,931 |
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$ |
— |
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$ |
— |
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Commercial paper |
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7,092 |
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— |
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7,092 |
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— |
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Total cash equivalents |
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13,023 |
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5,931 |
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7,092 |
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— |
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Short-term investments: |
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U.S. Treasury securities |
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138,720 |
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138,720 |
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— |
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— |
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U.S. agency bonds |
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400,924 |
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— |
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400,924 |
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— |
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Corporate debt securities |
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246,298 |
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— |
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246,298 |
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— |
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Commercial paper |
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157,203 |
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— |
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157,203 |
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— |
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Total short-term investments |
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943,145 |
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138,720 |
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804,425 |
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— |
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Restricted cash: |
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Money market account |
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816 |
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816 |
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— |
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— |
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Total restricted cash |
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816 |
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816 |
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— |
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— |
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Total assets measured at fair value on a recurring basis |
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$ |
956,984 |
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$ |
145,467 |
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$ |
811,517 |
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$ |
— |
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Fair Value Measurements at
Reporting Date Using |
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Total |
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Quoted Prices in
Active Markets for
Identical Assets
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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Significant
Unobservable
Inputs
(Level 3) |
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As of December 31, 2025: |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
41,085 |
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$ |
41,085 |
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$ |
— |
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$ |
— |
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Commercial paper |
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9,478 |
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— |
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9,478 |
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— |
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Total cash equivalents |
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50,563 |
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41,085 |
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9,478 |
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— |
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Short-term investments: |
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U.S. Treasury securities |
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123,296 |
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123,296 |
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— |
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— |
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U.S. agency bonds |
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392,008 |
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— |
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392,008 |
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— |
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Corporate debt securities |
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317,168 |
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— |
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317,168 |
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— |
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Commercial paper |
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81,761 |
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— |
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81,761 |
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— |
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Total short-term investments |
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914,233 |
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123,296 |
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790,937 |
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— |
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Restricted cash: |
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Money market account |
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816 |
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816 |
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— |
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— |
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Total restricted cash |
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816 |
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816 |
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— |
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— |
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Total assets measured at fair value on a recurring basis |
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$ |
965,612 |
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$ |
165,197 |
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$ |
800,415 |
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$ |
— |
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| Reconciliation of Cash and Cash Equivalents and Restricted Cash |
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the condensed statements of cash flows (in thousands):
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June 30,
2026 |
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December 31,
2025 |
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Cash and cash equivalents |
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$ |
27,768 |
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$ |
52,334 |
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Restricted cash |
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816 |
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816 |
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Total cash and cash equivalents and restricted cash |
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$ |
28,584 |
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$ |
53,150 |
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| Summary of Short-Term Investments |
The following tables summarize short-term investments (in thousands):
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As of June 30, 2026 |
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Amortized |
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Unrealized |
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Estimated |
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Cost |
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Gains |
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Losses |
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Fair Value |
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U.S. Treasury securities |
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$ |
139,999 |
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$ |
5 |
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$ |
(1,284 |
) |
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$ |
138,720 |
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U.S. agency bonds |
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402,004 |
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324 |
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(1,404 |
) |
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400,924 |
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Corporate debt securities |
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246,056 |
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298 |
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(56 |
) |
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246,298 |
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Commercial paper |
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157,391 |
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— |
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(188 |
) |
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157,203 |
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Total |
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$ |
945,450 |
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$ |
627 |
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$ |
(2,932 |
) |
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$ |
943,145 |
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As of December 31, 2025 |
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Amortized |
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Unrealized |
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Estimated |
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Cost |
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Gains |
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Losses |
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Fair Value |
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U.S. Treasury securities |
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$ |
123,072 |
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$ |
233 |
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$ |
(9 |
) |
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$ |
123,296 |
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U.S. agency bonds |
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389,831 |
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2,195 |
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(18 |
) |
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392,008 |
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Corporate debt securities |
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315,294 |
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|
1,874 |
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— |
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317,168 |
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Commercial paper |
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81,720 |
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47 |
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(6 |
) |
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81,761 |
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Total |
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$ |
909,917 |
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$ |
4,349 |
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$ |
(33 |
) |
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$ |
914,233 |
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| Schedule of Contractual Maturities of Available-for-sale Debt Securities |
Contractual maturities of available-for-sale debt securities are as follows (in thousands):
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As of June 30, 2026 |
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Due in 1 Year or Less |
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Due Between 1 and 3 Years |
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U.S. Treasury securities |
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$ |
27,034 |
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$ |
111,686 |
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U.S. agency bonds |
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186,461 |
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214,463 |
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Corporate debt securities |
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210,723 |
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35,575 |
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Commercial paper |
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157,203 |
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— |
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Total |
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$ |
581,421 |
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$ |
361,724 |
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As of December 31, 2025 |
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Due in 1 Year or Less |
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Due Between 1 and 3 Years |
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U.S. Treasury securities |
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$ |
40,011 |
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$ |
83,285 |
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U.S. agency bonds |
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162,804 |
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229,204 |
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Corporate debt securities |
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185,835 |
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131,333 |
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Commercial paper |
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81,761 |
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— |
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Total |
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$ |
470,411 |
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$ |
443,822 |
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| Summary of Potentially Dilutive Shares Not Included in the Calculation of Net Loss Per Share |
Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):
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As of June 30, |
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|
2026 |
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|
2025 |
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Common stock options outstanding |
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10,020,149 |
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10,210,004 |
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Unvested RSUs |
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1,095,189 |
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686,690 |
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Employee stock purchase plan shares |
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10,002 |
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10,203 |
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Total potentially dilutive shares |
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11,125,340 |
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10,906,897 |
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