The following tables set forth the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025:


		June 30, 2026
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Credit (Loss)		Fair Value
Financial assets included within cash and cash equivalents:
Money market funds	Level 1	$	184,354	$	—	$	—	$	—	$	184,354
U.S. Government treasury bills	Level 2	150,114		—		—		—		150,114
Financial assets included within short-term investments:

U.S. Government treasury bills	Level 2	271,384		—		(71)		—		271,313
Total		$	605,852	$	—	$	(71)	$	—	$	605,781


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Credit (Loss)		Fair Value
Financial assets included within cash and cash equivalents:
Money market funds	Level 1	$	163,588	$	—	$	—	$	—	$	163,588
U.S. Government treasury bills	Level 2	45,300		12		—		—		45,312
Financial assets included within short-term investments:
Certificate of deposit	Level 2	25,000		—		—		—		25,000
U.S. Government treasury bills	Level 2	463,022		160		—		—		463,182
Total		$	696,910	$	172	$	—	$	—	$	697,082

The tables above do not include cash at June 30, 2026 and December 31, 2025 of $84,897 and $16,366, respectively.

The Company believes that the carrying amounts of prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate their fair values due to the short-term nature of those instruments.

Realized gain (loss) on short-term investments for the three and six months ended June 30, 2026 and 2025 were de minimis, respectively.