The following table represents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of the periods presented below (in thousands):


	June 30, 2026
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	258,285	$	—	$	258,285
U.S. treasury securities	28,705		—		28,705
U.S. government agency securities	—		100,911		100,911
Commercial paper	—		54,873		54,873

Marketable securities:
U.S. treasury securities	20,528		—		20,528
U.S. government agency securities	—		8,668		8,668
Corporate debt securities	—		12,965		12,965
Commercial paper	—		1,000		1,000
Certificates of deposit	—		126,281		126,281
Total financial assets	$	307,518	$	304,698	$	612,216


	December 31, 2025
	Fair Value Measured Using
	Level 1		Level 2		Total
Financial assets:
Cash equivalents:
Money market funds	$	120,923	$	—	$	120,923
U.S. treasury securities	100,251		—		100,251
U.S. government agency securities	—		26,170		26,170
Commercial paper	—		47,466		47,466
Fixed deposits	—		129,875		129,875

Marketable securities:
U.S. treasury securities	131,379		—		131,379
U.S. government agency securities	—		30,908		30,908
Corporate debt securities	—		36,941		36,941
Commercial paper	—		12,369		12,369

Total financial assets	$	352,553	$	283,729	$	636,282