Fair Value Measurement (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis |
The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands):
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Fair Value Measured as of March 31, 2026 |
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Level 1 |
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Level 2 |
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Total |
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Assets included in: |
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Money market funds(1) |
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$ |
61,339 |
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$ |
— |
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$ |
61,339 |
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Commercial paper(2) |
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— |
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|
115,296 |
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|
115,296 |
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U.S. government and agency securities(2) |
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|
— |
|
|
|
590,682 |
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|
590,682 |
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Corporate notes and bonds(2) |
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|
— |
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|
|
128,407 |
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|
128,407 |
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Total fair value |
|
$ |
61,339 |
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|
$ |
834,385 |
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|
$ |
895,724 |
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Fair Value Measured as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Total |
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Assets included in: |
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Money market funds(1) |
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$ |
117,773 |
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|
$ |
— |
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|
$ |
117,773 |
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Commercial paper(2) |
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— |
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|
141,108 |
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|
141,108 |
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U.S. government and agency securities(2) |
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— |
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|
|
590,808 |
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|
|
590,808 |
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Corporate notes and bonds(2) |
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|
— |
|
|
|
99,608 |
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|
|
99,608 |
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Total fair value |
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$ |
117,773 |
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|
$ |
831,524 |
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|
$ |
949,297 |
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(1)Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. (2)Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of March 31, 2026 and December 31, 2025, marketable securities with original maturities of three months or less of $74.7 million and $91.2 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
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| Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis |
The fair value as of March 31, 2026 and December 31, 2025 are as follows (amounts in thousands):
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March 31, 2026 |
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Amortized
Cost |
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Gross Unrealized
Gain |
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Gross Unrealized
Loss |
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Fair Value |
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Level 1 securities |
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Money market funds |
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$ |
61,339 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
61,339 |
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Level 2 securities |
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Commercial paper |
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|
115,296 |
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|
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— |
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— |
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|
|
115,296 |
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U.S. government and agency securities |
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|
590,932 |
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|
76 |
|
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(326 |
) |
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|
590,682 |
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Corporate notes and bonds |
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|
128,541 |
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|
11 |
|
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(145 |
) |
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|
128,407 |
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Total |
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$ |
896,108 |
|
|
$ |
87 |
|
|
$ |
(471 |
) |
|
$ |
895,724 |
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December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Gross Unrealized
Gain |
|
|
Gross Unrealized
Loss |
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|
Fair Value |
|
Level 1 securities |
|
|
|
|
|
|
|
|
|
|
|
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Money market funds |
|
$ |
117,773 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
117,773 |
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Level 2 securities |
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|
|
|
|
|
|
|
|
|
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Commercial paper |
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|
141,108 |
|
|
|
— |
|
|
|
— |
|
|
|
141,108 |
|
U.S. government and agency securities |
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|
590,215 |
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|
|
593 |
|
|
|
|
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|
590,808 |
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Corporate notes and bonds |
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|
99,557 |
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|
68 |
|
|
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(17 |
) |
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|
99,608 |
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Total |
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$ |
948,653 |
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|
$ |
661 |
|
|
$ |
(17 |
) |
|
$ |
949,297 |
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| Summary of Additional Information Gross Unrealized Losses and Fair Value By Major Security For Marketable Securities |
The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 50 and 3 marketable securities in unrealized loss positions held by the Company as of March 31, 2026 and December 31, 2025, respectively (amounts in thousands):
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March 31, 2026 |
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Less than 12 Consecutive Months |
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12 Consecutive Months or Longer |
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Total |
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Gross Unrealized Loss |
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Fair Value |
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Gross Unrealized Loss |
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|
Fair Value |
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Gross Unrealized Loss |
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Fair Value |
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U.S. government and agency securities |
|
$ |
(326 |
) |
|
$ |
355,412 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(326 |
) |
|
$ |
355,412 |
|
Corporate notes and bonds |
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|
(145 |
) |
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|
109,162 |
|
|
|
— |
|
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|
— |
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(145 |
) |
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|
109,162 |
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Total |
|
$ |
(471 |
) |
|
$ |
464,574 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(471 |
) |
|
$ |
464,574 |
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December 31, 2025 |
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Less than 12 Consecutive Months |
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12 Consecutive Months or Longer |
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Total |
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Gross Unrealized Loss |
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|
Fair Value |
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|
Gross Unrealized Loss |
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|
Fair Value |
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|
Gross Unrealized Loss |
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|
Fair Value |
|
U.S. government and agency securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate notes and bonds |
|
|
(17 |
) |
|
|
17,253 |
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|
|
— |
|
|
|
— |
|
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|
(17 |
) |
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|
17,253 |
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Total |
|
$ |
(17 |
) |
|
$ |
17,253 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(17 |
) |
|
$ |
17,253 |
|
|
| Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity |
The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2026 are as follows (amounts in thousands):
|
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|
|
|
|
|
|
March 31, 2026 |
|
|
|
Amortized Cost |
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Fair Value |
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Due within one year |
|
$ |
862,694 |
|
|
$ |
862,416 |
|
Due after one year and through five years |
|
|
33,414 |
|
|
|
33,308 |
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Total |
|
$ |
896,108 |
|
|
$ |
895,724 |
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