v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy of Financial Assets and Liabilities
The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis:
June 30, 2026
Level 1Level 2Fair Value
(in thousands)
Money market funds$320 $— $320 
Commercial paper— 1,488 1,488 
U.S. Treasury and government agencies— 336,684 336,684 
Corporate bonds— 146,581 146,581 
Asset-backed securities— 368 368 
Foreign currency forward contracts— 2,965 2,965 
Total assets$320 $488,086 $488,406 
Foreign currency forward contracts$— $2,495 $2,495 
Total liabilities$— $2,495 $2,495 
December 31, 2025
Level 1Level 2Fair Value
(in thousands)
Money market funds$205 $— $205 
U.S. Treasury and government agencies— 330,163 330,163 
Corporate bonds— 147,101 147,101 
Asset-backed securities— 1,240 1,240 
Foreign currency forward contracts— 58 58 
Total assets$205 $478,562 $478,767 
Foreign currency forward contracts$— $4,697 $4,697 
Total liabilities$— $4,697 $4,697 
Schedule of Cash Equivalents and Marketable Securities
The Company's cash equivalents and marketable securities consist of the following:
June 30, 2026
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Cash equivalents: (1)
Money market funds$320 $— $— $320 
U.S. Treasury and government agencies31,948 — (1)31,947 
Total32,268 — (1)32,267 
Short-term marketable securities:
Commercial paper1,489 — (1)1,488 
Corporate bonds48,924 71 (15)48,980 
U.S. Treasury and government agencies125,566 40 (71)125,535 
Total175,979 111 (87)176,003 
Long-term marketable securities:
Corporate bonds97,951 30 (380)97,601 
Asset-backed securities366 2 — 368 
U.S. Treasury and government agencies180,389 5 (1,192)179,202 
Total278,706 37 (1,572)277,171 
Total$486,953 $148 $(1,660)$485,441 
(1)Excludes cash of $218.0 million.
December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
(in thousands)
Cash equivalents: (2)
Money market funds$205 $— $— $205 
U.S. Treasury and government agencies31,952 3 — 31,955 
Total32,157 3 — 32,160 
Short-term marketable securities:
Corporate bonds59,531 273 — 59,804 
U.S. Treasury and government agencies135,649 238 (10)135,877 
Total195,180 511 (10)195,681 
Long-term marketable securities:
Corporate bonds86,826 483 (12)87,297 
Asset-backed securities1,227 13 — 1,240 
U.S. Treasury and government agencies162,035 396 (100)162,331 
Total250,088 892 (112)250,868 
Total$477,425 $1,406 $(122)$478,709 
(2)Excludes cash of $218.1 million.
Schedule of Gross Unrealized Losses and Fair Value of Marketable Securities in an Unrealized Loss Position
The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time:
June 30, 2026
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in thousands)
Commercial paper$1,488 $(1)$— $— $1,488 $(1)
Corporate bonds84,449 (395)— — 84,449 (395)
U.S. Treasury and government agencies251,412 (1,253)9,491 (11)260,903 (1,264)
Total$337,349 $(1,649)$9,491 $(11)$346,840 $(1,660)
December 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in thousands)
Corporate bonds$10,735 $(12)$1,791 $— $12,526 $(12)
U.S. Treasury and government agencies92,419 (110)— — 92,419 (110)
Total$103,154 $(122)$1,791 $— $104,945 $(122)
Schedule of the Fair Value of Marketable Securities by Contractual Maturity
The following summarizes the fair value of marketable securities by contractual maturity:
June 30, 2026
Amortized CostFair Value
(in thousands)
Due within One Year$208,247 $208,270 
Due after One Year through Five Years278,340 276,803 
Asset-backed securities366 368 
Total$486,953 $485,441 
Schedule of Derivative Financial Instruments
The following summarizes the fair value of derivative financial instruments as of June 30, 2026 and December 31, 2025:
June 30,
2026		December 31,
2025
(in thousands)
Assets
Foreign currency forward contracts designated as cash flow hedge$2,210 $55 
Foreign currency forward contracts not designated as hedging instruments755 3 
Total$2,965 $58 
Liabilities
Foreign currency forward contracts designated as cash flow hedge$2,321 $4,579 
Foreign currency forward contracts not designated as hedging instruments174 118 
Total$2,495 $4,697 
Schedule of Gains (Losses) Recognized from Forward Contracts and Other Foreign Currency Transactions in Other Income (Expense)
The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)(in thousands)
Net gains (losses) from non-designated forward contracts$(211)$(2,867)$2,153 $(4,484)
Other foreign currency transactions gains (losses)(877)3,867 (3,430)5,744 
Total foreign exchange gains (losses), net$(1,088)$1,000 $(1,277)$1,260