| Summary of Fair Values of Financial Instruments |
The fair values of the Company’s financial instruments are presented below (in thousands):
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Fair Value Measurements at December 31, 2025 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets carried at fair value: |
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Cash equivalents: |
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$ |
59,124 |
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$ |
56,529 |
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$ |
2,595 |
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Short-term investments |
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Commercial paper, available for sale |
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12,713 |
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— |
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12,713 |
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— |
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Corporate debt securities, available-for-sale |
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490,114 |
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— |
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490,114 |
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— |
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Government debt securities, available-for-sale |
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37,102 |
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— |
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37,102 |
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— |
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Total financial assets |
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$ |
599,053 |
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$ |
56,529 |
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$ |
542,524 |
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$ |
— |
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Fair Value Measurements at December 31, 2024 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Financial assets carried at fair value: |
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Cash equivalents: |
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$ |
18,592 |
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$ |
17,554 |
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$ |
1,038 |
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$ |
— |
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Short-term investments |
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Commercial paper, available for sale |
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10,520 |
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— |
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10,520 |
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— |
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Corporate debt securities, available-for-sale |
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719,317 |
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— |
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719,317 |
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— |
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Government debt securities, available-for-sale |
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146,099 |
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— |
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146,099 |
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— |
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Total financial assets |
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$ |
894,528 |
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$ |
17,554 |
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$ |
876,974 |
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$ |
— |
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