| Fair Value of Financial Instruments |
7. Fair Value of Financial Instruments The following tables provide a summary of financial assets measured at fair value on a recurring basis:
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Fair Value at |
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Description |
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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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Recurring Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
615,695 |
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$ |
615,695 |
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$ |
— |
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$ |
— |
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Corporate debt securities |
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1,414 |
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— |
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1,414 |
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— |
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Short-term investments: |
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U.S. treasury securities |
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287,034 |
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287,034 |
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— |
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— |
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Certificate of deposit |
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12,384 |
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12,384 |
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— |
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— |
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U.S. government agency securities |
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5,543 |
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— |
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5,543 |
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— |
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Corporate debt securities |
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141,736 |
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— |
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141,736 |
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— |
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Commercial paper |
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36,895 |
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— |
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36,895 |
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— |
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Long-term investments: |
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U.S. treasury securities |
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76,592 |
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76,592 |
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— |
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— |
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U.S. government agency securities |
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11,565 |
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— |
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11,565 |
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— |
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Corporate debt securities |
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25,711 |
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— |
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25,711 |
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— |
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Other assets and restricted cash: |
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Investment in former related party |
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353 |
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353 |
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— |
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— |
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Total assets measured at fair value |
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$ |
1,214,922 |
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$ |
992,058 |
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$ |
222,864 |
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$ |
— |
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Fair Value at |
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December 31, |
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Description |
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2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Recurring Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
50,247 |
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$ |
50,247 |
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$ |
— |
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$ |
— |
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Short-term investments: |
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U.S. treasury securities |
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274,152 |
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274,152 |
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— |
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— |
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Certificate of deposit |
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6,121 |
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6,121 |
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— |
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— |
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U.S. government agency securities |
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7,521 |
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— |
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7,521 |
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— |
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Corporate debt securities |
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61,100 |
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— |
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61,100 |
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— |
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Commercial paper |
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4,314 |
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— |
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4,314 |
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— |
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Long-term investments: |
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U.S. treasury securities |
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71,918 |
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71,918 |
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— |
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— |
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U.S. government agency securities |
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9,542 |
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— |
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9,542 |
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— |
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Corporate debt securities |
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28,675 |
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— |
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28,675 |
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— |
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Other assets and restricted cash: |
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Investment in former related party |
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656 |
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656 |
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— |
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— |
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Total assets measured at fair value |
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$ |
514,246 |
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$ |
403,094 |
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$ |
111,152 |
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$ |
— |
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There were no transfers between levels during the three months ended March 31, 2026 or for the year ended December 31, 2025. The weighted-average maturity of the securities held at March 31, 2026 was less than 12 months.
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