v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):
As of June 30, 2026
Level 1Level 2Total Fair
Value
Cash equivalents
Money market funds$84,575 $— $84,575 
Total cash equivalents$84,575 $— $84,575 
Marketable securities
U.S. treasury and agency securities$— $227,172 $227,172 
Commercial paper— 19,344 19,344 
Corporate debt securities— 894,989 894,989 
Total marketable securities$— $1,141,505 $1,141,505 
As of December 31, 2025
Level 1Level 2Total Fair
Value
Cash equivalents
Money market funds$142,772 $— $142,772 
Commercial paper— 5,495 5,495 
Total cash equivalents$142,772 $5,495 $148,267 
Marketable securities
U.S. treasury and agency securities$— $203,794 $203,794 
Commercial paper— 11,462 11,462 
Corporate debt securities— 805,949 805,949 
Total marketable securities$— $1,021,205 $1,021,205 
As of June 30, 2026 and December 31, 2025, there were no marketable securities with Level 3 fair value hierarchy measurement.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Goodwill, intangible assets, property, plant and equipment, and certain equity investments without readily determinable fair values are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate these assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, these assets are measured at fair value during such period. There was no impairment on these assets during the three and six months ended June 30, 2026 and 2025. In addition, when the Company identifies observable price changes in orderly transactions for the equity investments without readily determinable fair values, it shall measure the equity security at fair value as of the date that the observable transaction occurred. During the three months ended June 30, 2026, the Company recorded an increase in fair value of $1.5 million related to its equity investments and recorded in interest and other income within the condensed consolidated statement of operations and comprehensive income.

As of June 30, 2026 and December 31, 2025, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.

Assets and Liabilities Not Measured at Fair Value
The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.