| Schedule of Financial Instruments Measured at Fair Value on Recurring Basis |
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Fair Value Hierarchy Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Assets | | | (in thousands) | | Cash and cash equivalents: | | | | | | | | | | | Cash | Level 1 | | $ | 90,530 | | | $ | — | | | $ | — | | | $ | 90,530 | | | Money market funds | Level 1 | | 42,400 | | | — | | | | | 42,400 | | | Commercial paper | Level 2 | | 50,267 | | | — | | | (7) | | | 50,260 | | | Asset-backed securities | Level 2 | | — | | | — | | | | | — | | | Total cash and cash equivalents | | | 183,197 | | | — | | | (7) | | | 183,190 | | | Investments: | | | | | | | | | | | U.S. Treasury securities | Level 1 | | 761,223 | | | 131 | | | (1,663) | | | 759,691 | | | Commercial paper | Level 2 | | 31,784 | | | 5 | | | (7) | | | 31,782 | | | Corporate debt | Level 2 | | 1,147,835 | | | 263 | | | (4,453) | | | 1,143,645 | | | Asset-backed securities | Level 2 | | 145,916 | | | 13 | | | (920) | | | 145,009 | | | U.S. government agency securities | Level 2 | | 205,388 | | | 10 | | | (981) | | | 204,417 | | | Certificates of Deposit | Level 2 | | 40,000 | | | — | | | — | | | 40,000 | | | Total investments | | | 2,332,146 | | | 422 | | | (8,024) | | | 2,324,544 | | | | | | | | | | | | | Total assets measured at fair value | | | $ | 2,515,343 | | | $ | 422 | | | $ | (8,031) | | | $ | 2,507,734 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value Hierarchy Level | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Assets | | | (in thousands) | | Cash and cash equivalents: | | | | | | | | | | | Cash | Level 1 | | $ | 85,417 | | | $ | — | | | $ | — | | | $ | 85,417 | | | Money market funds | Level 1 | | 52,302 | | | — | | | — | | | 52,302 | | | | | | | | | | | | | Commercial paper | Level 2 | | 36,245 | | | — | | | (5) | | | 36,240 | | | Total cash and cash equivalents | | | 173,964 | | | — | | | (5) | | | 173,959 | | | Investments: | | | | | | | | | | | U.S. Treasury securities | Level 1 | | 945,072 | | | 1,969 | | | (40) | | | 947,001 | | | Commercial paper | Level 2 | | 28,763 | | | 3 | | | — | | | 28,766 | | | Corporate debt | Level 2 | | 897,564 | | | 2,862 | | | (30) | | | 900,396 | | | Asset backed securities | Level 2 | | 152,164 | | | 249 | | | (27) | | | 152,386 | | | U.S. government agency securities | Level 2 | | 219,854 | | | 289 | | | (28) | | | 220,115 | | | Certificate of Deposit | Level 2 | | 20,000 | | | — | | | — | | | 20,000 | | | Total investments | | | 2,263,417 | | | 5,372 | | | (125) | | | 2,268,664 | | | | | | | | | | | | | Total assets measured at fair value | | | $ | 2,437,381 | | | $ | 5,372 | | | $ | (130) | | | $ | 2,442,623 | |
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