v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Financial Instruments
The following table shows the Company’s cash, cash equivalents and marketable debt securities by significant investment category:
As of March 31, 2026
Amortized CostUnrealized Gains
Unrealized Losses (1)
Fair ValueCash and Cash EquivalentsCurrent Marketable Debt SecuritiesNoncurrent Marketable Debt Securities
Cash$— $— $— $— $15,571 $— $— 
Level 1:
Money market funds— — — — 1,578,532 — — 
U.S. Treasury securities805,151 289 (1,674)803,766 — 475,477 328,289 
Subtotal805,151 289 (1,674)803,766 1,578,532 475,477 328,289 
Level 2 (2):
Commercial paper139,126 10 (107)139,029 — 139,029 — 
Total $944,277 $299 $(1,781)$942,795 $1,594,103 $614,506 $328,289 

(1) There was no allowance for expected credit losses on available-for-sale marketable debt securities as of March 31, 2026 as the unrealized losses were deemed to be temporary in nature.

(2) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.

As of March 31, 2026, interest receivables related to available-for-sale marketable debt securities of $4,143 were included in marketable debt securities on the condensed consolidated balance sheets.

As of March 31, 2026, interest receivables related to marketable debt securities of $4,566 were included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

The following table shows the fair value of the Company’s noncurrent marketable debt securities, by contractual maturity, as of March 31, 2026:

Due within 1 year$614,506 
Due after 1 year through 5 years328,289 
Total fair value$942,795 

The following tables show the Company’s cash, cash equivalents, and marketable debt securities by significant investment category:
As of December 31, 2025
Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsCurrent Marketable Debt SecuritiesNoncurrent Marketable Debt Securities
Cash$— $— $— $11,022 $— $— 
Level 1:
Money market funds— — — 777,423 — — 
U.S. Treasury securities504,008 1,123 505,131 — 320,563 184,568 
Subtotal504,008 1,123 505,131 777,423 320,563 184,568 
Level 2 (1):
Commercial paper118,907 56 118,963 — 118,963 — 
Total$622,915 $1,179 $624,094 $788,445 $439,526 $184,568 

(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.

As of December 31, 2025, interest receivables related to available-for-sale marketable debt securities of $4,005 were included in marketable debt securities on the condensed consolidated balance sheets.
As of December 31, 2025, interest receivables related to marketable debt securities of $3,160 were included in prepaid expenses and other current assets on the condensed consolidated balance sheets.