| Fair Value Measurements |
Fair Value Measurements The following tables present the fair value hierarchy for assets and liabilities measured at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Cash equivalents | | | | | | | | | U.S. treasury bills | $ | 223,769 | | | $ | — | | | $ | — | | | $ | 223,769 | | | Money market funds | 99,159 | | | — | | | — | | | 99,159 | | | Commercial paper | — | | | 46,145 | | | — | | | 46,145 | | Certificates of deposit | — | | | 33,302 | | | — | | | 33,302 | | | Corporate debt securities | — | | | 8,612 | | | — | | | 8,612 | | | Short-term investments | | | | | | | | | U.S. treasury securities | 32,021 | | | — | | | — | | | 32,021 | | | | | | | | | | | | | | | | | | | Asset-backed securities | — | | | 5,246 | | | — | | | 5,246 | | | | | | | | | | | | | | | | | | Restricted cash | | | | | | | | Money market funds | 48,340 | | | — | | | — | | | 48,340 | | | Total assets measured at fair value | $ | 403,289 | | | $ | 93,305 | | | $ | — | | | $ | 496,594 | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total Fair Value | | Cash equivalents | | | | | | | | | U.S. treasury bills | $ | 292,381 | | | $ | — | | | $ | — | | | $ | 292,381 | | | Money market funds | 96,042 | | | — | | | — | | | 96,042 | | Commercial paper | — | | | 41,450 | | | — | | | 41,450 | | | Certificates of deposit | — | | | 35,213 | | | — | | | 35,213 | | Corporate debt securities | — | | | 16,059 | | | — | | | 16,059 | | | Short-term investments | | | | | | | | | U.S. treasury securities | 56,087 | | | — | | | — | | | 56,087 | | | | | | | | | | | | | | | | | | | Asset-backed securities | — | | | 6,396 | | | — | | | 6,396 | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted cash | | | | | | | | | Money market funds | 45,786 | | | — | | | — | | | 45,786 | | Total assets measured at fair value | $ | 490,296 | | | $ | 99,118 | | | $ | — | | | $ | 589,414 | |
The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers of financial instruments between the fair value hierarchy levels during the three months ended March 31, 2026, or the year ended December 31, 2025.
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