The following tables present information about our financial assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:


(In thousands)	As of June 30, 2026		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:

Money market funds	141,609		141,609		—		—


Marketable debt securities:
U.S. treasury securities	808,038		—		808,038		—
Corporate notes	437,947		—		437,947		—
U.S. government-sponsored enterprise securities	339,623		—		339,623		—
Commercial paper	14,221		—		14,221		—



Restricted cash (money market funds)	569		569		—		—
Total financial assets	$	1,742,007	$	142,178	$	1,599,829	$	—


(In thousands)	As of December 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	140,445	$	140,445	$	—	$	—
U.S. treasury securities	18,952		—		18,952		—
U.S. government-sponsored enterprise securities	2,690		—		2,690		—
Commercial paper	1,995		—		1,995		—


Marketable debt securities:
U.S. treasury securities	653,341		—		653,341		—
Corporate notes	333,241		—		333,241		—
U.S. government-sponsored enterprise securities	252,634		—		252,634		—
Commercial paper	7,017		—		7,017		—

Municipal securities	5,001		—		5,001		—

Restricted cash (money market funds)	917		917		—		—
Total financial assets	$	1,416,233	$	141,362	$	1,274,871	$	—