| Schedule of Financial Instruments Measured at Fair Value on Recurring Basis |
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Fair Value Hierarchy Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Assets | | | (in thousands) | | Cash and cash equivalents: | | | | | | | | | | | Cash | Level 1 | | $ | 89,150 | | | $ | — | | | $ | — | | | $ | 89,150 | | | Money market funds | Level 1 | | 44,366 | | | — | | | — | | | 44,366 | | | Commercial paper | Level 2 | | 110,866 | | | — | | | (17) | | | 110,849 | | | Asset-backed securities | Level 2 | | 16,480 | | | — | | | (2) | | | 16,478 | | | Total cash and cash equivalents | | | 260,862 | | | — | | | (19) | | | 260,843 | | | Investments: | | | | | | | | | | | U.S. Treasury securities | Level 1 | | 887,530 | | | 667 | | | (905) | | | 887,292 | | | Commercial paper | Level 2 | | 24,006 | | | — | | | (1) | | | 24,005 | | | Corporate debt | Level 2 | | 1,178,119 | | | 680 | | | (3,105) | | | 1,175,694 | | | Asset-backed securities | Level 2 | | 142,414 | | | 40 | | | (411) | | | 142,043 | | | U.S. government agency securities | Level 2 | | 211,753 | | | 62 | | | (497) | | | 211,318 | | | Certificate of Deposits | Level 2 | | 40,000 | | | — | | | — | | | 40,000 | | | Total investments | | | 2,483,822 | | | 1,449 | | | (4,919) | | | 2,480,352 | | | | | | | | | | | | | Total assets measured at fair value | | | $ | 2,744,684 | | | $ | 1,449 | | | $ | (4,938) | | | $ | 2,741,195 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value Hierarchy Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Assets | | | (in thousands) | | Cash and cash equivalents: | | | | | | | | | | | Cash | Level 1 | | $ | 85,417 | | | $ | — | | | $ | — | | | $ | 85,417 | | | Money market funds | Level 1 | | 52,302 | | | — | | | — | | | 52,302 | | | | | | | | | | | | | Commercial paper | Level 2 | | 36,245 | | | — | | | (5) | | | 36,240 | | | Total cash and cash equivalents | | | 173,964 | | | — | | | (5) | | | 173,959 | | | Investments: | | | | | | | | | | | U.S. Treasury securities | Level 1 | | 945,072 | | | 1,969 | | | (40) | | | 947,001 | | | Commercial paper | Level 2 | | 28,763 | | | 3 | | | — | | | 28,766 | | | Corporate debt | Level 2 | | 897,564 | | | 2,862 | | | (30) | | | 900,396 | | | Asset backed securities | Level 2 | | 152,164 | | | 249 | | | (27) | | | 152,386 | | | U.S. government agency securities | Level 2 | | 219,854 | | | 289 | | | (28) | | | 220,115 | | | Certificate of Deposit | Level 2 | | 20,000 | | | — | | | — | | | 20,000 | | | Total investments | | | 2,263,417 | | | 5,372 | | | (125) | | | 2,268,664 | | | | | | | | | | | | | Total assets measured at fair value | | | $ | 2,437,381 | | | $ | 5,372 | | | $ | (130) | | | $ | 2,442,623 | |
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