| Summary of Financial Assets Measured at Fair Value on Recurring Basis |
The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):
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Fair value measurements as of March 31, 2026 using |
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Quoted prices in |
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Significant |
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Significant |
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active markets |
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other |
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unobservable |
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March 31, |
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for identical |
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observable |
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inputs |
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2026 |
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assets (level 1) |
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inputs (level 2) |
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(level 3) |
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Assets: |
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Money market funds(1) |
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$ |
32,221 |
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$ |
32,221 |
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$ |
— |
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$ |
— |
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Commercial paper(1) |
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11,967 |
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— |
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11,967 |
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— |
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US treasury securities(2) |
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67,170 |
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67,170 |
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— |
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— |
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US government agency securities(2) |
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48,306 |
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— |
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48,306 |
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— |
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Corporate debt securities(2) |
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12,531 |
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— |
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12,531 |
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— |
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Commercial paper(2) |
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68,525 |
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— |
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68,525 |
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— |
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US treasury securities(3) |
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131,157 |
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131,157 |
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— |
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— |
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US government agency securities(3) |
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33,562 |
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— |
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33,562 |
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— |
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Total fair value of assets |
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$ |
405,439 |
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$ |
230,548 |
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$ |
174,891 |
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$ |
— |
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(1)Included as cash and cash equivalents on the condensed consolidated balance sheets. (2)Included as short-term marketable securities on the condensed consolidated balance sheets. (3)Included as long-term marketable securities on the condensed consolidated balance sheets.
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Fair value measurements as of December 31, 2025 using |
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Quoted prices in |
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Significant |
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Significant |
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active markets |
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other |
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unobservable |
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December 31, |
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for identical |
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observable |
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inputs |
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2025 |
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assets (level 1) |
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inputs (level 2) |
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(level 3) |
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Assets: |
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Money market funds(1) |
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$ |
62,229 |
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$ |
62,229 |
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$ |
— |
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$ |
— |
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Commercial paper(1) |
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4,986 |
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— |
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4,986 |
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— |
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US treasury securities(2) |
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99,914 |
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99,914 |
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— |
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— |
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US government agency securities(2) |
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74,563 |
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— |
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74,563 |
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— |
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Commercial paper(2) |
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27,793 |
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— |
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27,793 |
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— |
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US treasury securities(3) |
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47,780 |
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47,780 |
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— |
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— |
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US government agency securities(3) |
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17,941 |
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— |
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17,941 |
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— |
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Total fair value of assets |
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$ |
335,206 |
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$ |
209,923 |
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$ |
125,283 |
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$ |
— |
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(1)Included as cash and cash equivalents on the condensed consolidated balance sheets. (2)Included as short-term marketable securities on the condensed consolidated balance sheets. (3)Included as long-term marketable securities on the condensed consolidated balance sheets.
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