| Fair Value Measurements |
3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of March 31, 2026 and December 31, 2025 (in thousands):
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Fair Value Measurements at
March 31, 2026: |
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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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Money market fund |
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$ |
138,403 |
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— |
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$ |
— |
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$ |
138,403 |
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US treasuries |
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— |
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— |
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— |
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— |
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Commercial Paper |
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— |
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— |
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— |
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— |
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Marketable securities, current |
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US treasuries |
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128,594 |
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— |
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— |
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128,594 |
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US government agencies |
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— |
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160,226 |
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— |
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|
160,226 |
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Commercial Paper |
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— |
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13,628 |
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— |
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|
13,628 |
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Corporate bonds |
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— |
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204,391 |
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— |
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|
204,391 |
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Marketable securities, non-current |
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US treasuries |
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196,193 |
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— |
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— |
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|
196,193 |
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US government agencies |
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— |
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|
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221,741 |
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— |
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|
221,741 |
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Corporate bonds |
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— |
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|
476,790 |
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— |
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|
476,790 |
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Restricted cash |
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5,810 |
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— |
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— |
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|
5,810 |
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Total |
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$ |
469,000 |
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$ |
1,076,776 |
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$ |
— |
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$ |
1,545,776 |
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Fair Value Measurements at
December 31, 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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Money market fund |
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$ |
299,067 |
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$ |
— |
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$ |
— |
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$ |
299,067 |
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Commercial Paper |
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— |
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16,616 |
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— |
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|
16,616 |
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Corporate bonds |
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— |
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14,355 |
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— |
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|
14,355 |
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Marketable securities, current |
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|
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US treasuries |
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|
157,069 |
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|
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— |
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— |
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|
157,069 |
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US government agencies |
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— |
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|
126,290 |
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— |
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|
126,290 |
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Commercial Paper |
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— |
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|
7,155 |
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— |
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|
7,155 |
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Corporate bonds |
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— |
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200,750 |
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— |
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|
200,750 |
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Marketable securities, non-current |
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US treasuries |
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160,500 |
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— |
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— |
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|
160,500 |
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US government agencies |
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— |
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|
164,618 |
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— |
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|
164,618 |
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Corporate bonds |
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— |
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|
446,041 |
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— |
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|
446,041 |
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Restricted cash |
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|
5,800 |
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— |
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— |
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|
5,800 |
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Total |
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$ |
622,436 |
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$ |
975,825 |
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$ |
— |
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$ |
1,598,261 |
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During the three months ended March 31, 2026 and the year ended December 31, 2025, there were no transfers in or out of Level 3.
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