Fair Value Measurements

3 Months Ended

Mar. 31, 2026

The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of fair value hierarchy utilized to determine such values (in thousands):


	AS OF MARCH 31, 2026
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Cash equivalents:
Money market funds	$	441,502	$	—	$	—	$	441,502
U.S. treasury securities		3,190		—		—		3,190
Marketable securities:
U.S. treasury securities		429,627		—		—		429,627
Debt securities issued by U.S. government agencies		—		116,326		—		116,326
Commercial paper		—		19,282		—		19,282
Corporate debt securities		—		241,207		—		241,207
Total	$	874,319	$	376,815	$	—	$	1,251,134


	AS OF DECEMBER 31, 2025
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Cash equivalents:
Money market funds	$	86,669	$	—	$	—	$	86,669
U.S. treasury securities		5,903		—		—		5,903
Commercial paper		—		26,428		—		26,428
Marketable securities:
U.S. treasury securities		350,157		—		—		350,157
Debt securities issued by U.S. government agencies		—		142,716		—		142,716
Commercial paper		—		69,556		—		69,556
Corporate debt securities		—		208,944		—		208,944
Total	$	442,729	$	447,644	$	—	$	890,373

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details