| Schedule of Financial Assets Measured and Recognized at Fair Value |
As of March 31, 2026, financial assets measured and recognized at fair value are as follows (in thousands):
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March 31, 2026 |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair Value |
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Assets |
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U.S. government securities |
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Level 2 |
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$ |
425,982 |
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$ |
325 |
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$ |
(444 |
) |
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$ |
425,863 |
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Corporate bonds |
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Level 2 |
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369,187 |
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219 |
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(581 |
) |
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368,825 |
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Commercial paper |
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Level 2 |
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58,730 |
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— |
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(12 |
) |
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58,718 |
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Subtotal |
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853,899 |
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544 |
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(1,037 |
) |
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853,406 |
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Money market funds |
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Level 1 |
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109,385 |
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— |
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— |
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109,385 |
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Cash |
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10,123 |
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— |
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— |
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10,123 |
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Total fair value of assets |
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$ |
973,407 |
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$ |
544 |
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$ |
(1,037 |
) |
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$ |
972,914 |
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Included in cash and cash equivalents(1) |
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157,528 |
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— |
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(6 |
) |
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157,522 |
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Included in marketable securities, current(2) |
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513,433 |
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443 |
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(197 |
) |
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513,679 |
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Included in marketable securities, non-current(3) |
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302,446 |
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101 |
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(834 |
) |
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301,713 |
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Total fair value of assets |
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$ |
973,407 |
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$ |
544 |
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$ |
(1,037 |
) |
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$ |
972,914 |
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(1) $38.0 million of commercial paper was included in cash and cash equivalents on the condensed balance sheet due to securities with purchase dates within 90 days of maturity dates. (2) The Company’s short-term marketable securities mature in one year or less. (3) The Company’s long-term marketable securities mature between one and three years. As of December 31, 2025, financial assets measured and recognized at fair value are as follows (in thousands):
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December 31, 2025 |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair Value |
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Assets |
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U.S. government securities |
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Level 2 |
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$ |
482,993 |
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$ |
1,266 |
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$ |
(5 |
) |
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$ |
484,254 |
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Corporate bonds |
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Level 2 |
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428,702 |
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1,034 |
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(28 |
) |
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429,708 |
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Commercial paper |
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Level 2 |
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31,688 |
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1 |
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(1 |
) |
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31,688 |
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Subtotal |
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943,383 |
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2,301 |
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(34 |
) |
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945,650 |
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Money market funds |
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Level 1 |
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98,538 |
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— |
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— |
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98,538 |
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Cash |
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5,497 |
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— |
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— |
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5,497 |
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Total fair value of assets |
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$ |
1,047,418 |
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$ |
2,301 |
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$ |
(34 |
) |
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$ |
1,049,685 |
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Included in cash and cash equivalents(1) |
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112,825 |
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— |
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— |
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112,825 |
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Included in marketable securities, current(2) |
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525,454 |
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1,116 |
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(7 |
) |
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526,563 |
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Included in marketable securities, non-current(3) |
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409,139 |
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1,185 |
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(27 |
) |
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410,297 |
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Total fair value of assets |
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$ |
1,047,418 |
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$ |
2,301 |
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$ |
(34 |
) |
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$ |
1,049,685 |
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(1) $8.8 million of commercial paper was included in cash and cash equivalents on the condensed balance sheet due to securities with purchase dates within 90 days of maturity dates. (2) The Company’s short-term marketable securities mature in one year or less. (3) The Company’s long-term marketable securities mature between one and three years.
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