| Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):
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Fair Value Measurements at 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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Assets: |
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Cash equivalents |
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$ |
103,218 |
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$ |
— |
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$ |
— |
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$ |
103,218 |
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Marketable securities: |
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Commercial paper |
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— |
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85,436 |
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— |
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85,436 |
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Corporate bonds |
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— |
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570,392 |
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— |
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570,392 |
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Government and agency securities |
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— |
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185,664 |
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— |
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185,664 |
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U.S. treasury bills |
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— |
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36,636 |
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— |
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36,636 |
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$ |
103,218 |
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$ |
878,128 |
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$ |
— |
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$ |
981,346 |
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Liabilities: |
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Related party revenue share liability |
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$ |
— |
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$ |
— |
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$ |
25,410 |
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$ |
25,410 |
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Fair Value Measurements at 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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Assets: |
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Cash equivalents |
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$ |
135,902 |
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$ |
— |
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$ |
— |
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$ |
135,902 |
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Marketable securities: |
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Commercial paper |
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— |
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251,309 |
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— |
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251,309 |
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Corporate bonds |
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— |
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468,617 |
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— |
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468,617 |
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Government and agency securities |
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— |
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162,886 |
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— |
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162,886 |
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U.S. treasury bills |
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— |
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|
89,799 |
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— |
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89,799 |
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$ |
135,902 |
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$ |
972,611 |
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$ |
— |
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$ |
1,108,513 |
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Liabilities: |
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Related party revenue share liability |
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$ |
— |
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$ |
— |
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$ |
17,940 |
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$ |
17,940 |
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| Schedule of Estimated Fair Value of Company's Related Party Revenue Share Liability |
The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the six months ended June 30, 2025, which represents a Level 3 measurement within the fair value hierarchy (in thousands):
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Estimated fair value as of December 31, 2024 |
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$ |
17,940 |
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Change in fair value |
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|
7,470 |
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Estimated fair value as of June 30, 2025 |
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$ |
25,410 |
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