The following table represents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of the periods presented below (in thousands):


	June 30, 2025
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	308,108	$	—	$	308,108
U.S. treasury securities	46,103		—		46,103
U.S. government agency securities	—		11,737		11,737
Commercial paper	—		52,980		52,980
Marketable securities:
U.S. treasury securities	192,299		—		192,299
U.S. government agency securities	—		102,947		102,947
Corporate debt securities	—		47,261		47,261
Commercial paper	—		8,169		8,169
Certificates of deposit	—		89,550		89,550
Total financial assets	$	546,510	$	312,644	$	859,154


	December 31, 2024
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	507,655	$	—	$	507,655



Marketable securities:
U.S. treasury securities	216,368		—		216,368
U.S. government agency securities	—		144,783		144,783
Corporate debt securities	—		45,762		45,762
Commercial paper	—		16,388		16,388
Certificates of deposit	—		26,449		26,449
Total financial assets	$	724,023	$	233,382	$	957,405