| Schedule of Fair Value Measurements of Financial Assets and Liabilities |
The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at June 30, 2025 and December 31, 2024:
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June 30, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents and investments: |
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Money market funds |
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$ |
130,322 |
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$ |
— |
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$ |
— |
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$ |
130,322 |
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Commercial paper |
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— |
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3,715 |
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— |
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3,715 |
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Corporate bonds |
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— |
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287,215 |
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— |
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287,215 |
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U.S. Government agency securities |
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— |
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93,080 |
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— |
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93,080 |
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U.S. Treasury securities |
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— |
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875,576 |
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— |
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875,576 |
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Strategic investments |
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— |
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— |
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15,842 |
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15,842 |
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Restricted cash: |
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Money market funds |
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— |
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2,703 |
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— |
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2,703 |
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Prepaid expenses and other current assets: |
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Foreign currency derivative assets |
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— |
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886 |
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— |
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|
886 |
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Total assets |
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$ |
130,322 |
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$ |
1,263,175 |
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$ |
15,842 |
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$ |
1,409,339 |
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Accrued expenses and other current liabilities: |
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Foreign currency derivative liabilities |
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$ |
— |
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$ |
913 |
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$ |
— |
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$ |
913 |
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Total liabilities |
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$ |
— |
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$ |
913 |
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$ |
— |
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$ |
913 |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents and investments: |
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Money market funds |
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$ |
64,109 |
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$ |
— |
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$ |
— |
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$ |
64,109 |
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Commercial paper |
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— |
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4,941 |
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— |
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4,941 |
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Corporate bonds |
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— |
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284,575 |
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— |
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284,575 |
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U.S. Government agency securities |
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— |
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117,369 |
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— |
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117,369 |
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U.S. Treasury securities |
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— |
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1,307,363 |
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— |
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1,307,363 |
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Strategic investments |
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— |
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— |
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9,409 |
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9,409 |
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Restricted cash: |
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Money market funds |
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— |
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4,053 |
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— |
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4,053 |
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Total assets |
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$ |
64,109 |
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$ |
1,718,301 |
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$ |
9,409 |
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$ |
1,791,819 |
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Accrued expenses and other current liabilities: |
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Foreign currency derivative liabilities |
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$ |
— |
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$ |
584 |
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$ |
— |
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$ |
584 |
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Total liabilities |
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$ |
— |
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$ |
584 |
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$ |
— |
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$ |
584 |
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