The following table sets forth the Company’s assets and liabilities that were measured at fair value as of June 30, 2026 and December 31, 2025 by level within the fair value hierarchy (in thousands):


	As of June 30, 2026						As of December 31, 2025
	(unaudited)
	Level I		Level II		Level III			Level I		Level II		Level III
Financial assets:
Cash equivalents:
Money market funds	$	165,885	$	—	$	—		$	120,155	$	—	$	—


Marketable securities:
US Treasury securities	—		426,474		—			—		681,225		—



Prepaid expenses and other short-term assets:
Forward foreign exchange contracts	—		26,504		—			—		21,605		—
Long-term marketable securities:
US Treasury securities	—		213,260		—			—		187,202		—

Long-term other assets:
Forward foreign exchange contracts	—		4,645		—			—		6,465		—
Financial liabilities:
Accrued expenses and other short-term liabilities:
Forward foreign exchange contracts	—		(717)		—			—		(2,515)		—
Long-term other liabilities:
Forward foreign exchange contracts	—		(871)		—			—		(1,691)		—
Total financial assets (liabilities), net	$	165,885	$	669,295	$	—		$	120,155	$	892,291	$	—