As of June 30, 2026

As of December 31, 2025

Fair Value Hierarchy

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

(in thousands)

Cash equivalents:

Corporate bonds

$

5,221

$

—

$

5,221

$

—

$

—

$

—

$

—

$

—

Money market funds

78,809

78,809

—

—

596,264

596,264

—

—

Commercial paper

7,983

7,983

—

—

—

—

—

—

U.S. Treasury securities

34,752

—

34,752

—

—

—

—

—

Marketable securities:

Corporate bonds

10,250

—

10,250

—

—

—

—

—

U.S. Treasury securities

44,804

—

44,804

—

—

—

—

—

U.S. Government securities

67,540

—

67,540

—

—

—

—

—

Total

$

249,359

$

86,792

$

162,567

$

—

$

596,264

$

596,264

$

—

$

—