v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
June 30, 2026
Level 1Level 2Level 3Total Fair Value
Cash equivalents
U.S. treasury bills$245,988 $— $— $245,988 
Money market funds104,605 — — 104,605 
Commercial paper— 74,938 — 74,938 
Certificates of deposit
— 11,500 — 11,500 
Corporate debt securities— 11,566 — 11,566 
Short-term investments
U.S. treasury securities8,002 — — 8,002 
Asset-backed securities— 1,476 — 1,476 
Restricted cash
Money market funds
46,623 — — 46,623 
Total assets measured at fair value$405,218 $99,480 $— $504,698 
December 31, 2025
Level 1Level 2Level 3Total Fair Value
Cash equivalents
U.S. treasury bills$292,381 $— $— $292,381 
Money market funds96,042 — — 96,042 
Commercial paper
— 41,450 — 41,450 
Certificates of deposit— 35,213 — 35,213 
Corporate debt securities
— 16,059 — 16,059 
Short-term investments
U.S. treasury securities56,087 — — 56,087 
Asset-backed securities— 6,396 — 6,396 
Restricted cash
Money market funds45,786 — — 45,786 
Total assets measured at fair value
$490,296 $99,118 $— $589,414 
The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
There were no transfers of financial instruments between the fair value hierarchy levels during the three and six months ended June 30, 2026, or the year ended December 31, 2025.