v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Various inputs are used in determining the fair value of the Company’s financial assets and liabilities. These inputs are summarized into the following three broad categories:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk, etc.
Level 3 – significant unobservable inputs, including the Company’s own assumptions in determining fair value
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Marketable securities, which consist primarily of corporate and U.S. government agency bonds, are classified as available for sale and fair value did not differ significantly from carrying value as of March 31, 2026 and December 31, 2025.
The following table presents information about the Company’s assets measured at fair value as of March 31, 2026:
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents and restricted cash$267,719 $— $— $267,719 
Marketable securities— 138,704 — 138,704 
Equity investments32,820 — — 32,820 
Total$300,539 $138,704 $— $439,243 
The following table presents information about the Company’s assets measured at fair value as of December 31, 2025:
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents and restricted cash$237,385 $— $— $237,385 
Marketable securities— 164,947 — 164,947 
Equity investments66,641 — — 66,641 
Total$304,026 $164,947 $— $468,973 
Unrealized gains and losses arising from changes in fair value of the Company’s equity investments are classified within change in fair value of equity investments in the condensed consolidated statements of operations.
For further information regarding the Company’s equity investments, see Note 10, Equity Investments.