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 summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level, within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):
June 30, 2026
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$18,922 $— $— $18,922 
U.S. treasury securities19,953 — — 19,953 
Marketable securities
U.S. treasury securities185,536 — — 185,536 
Commercial paper— 64,453 — 64,453 
Corporate bonds— 34,874 — 34,874 
Prepaid expenses and other current assets
Foreign currency forward contracts— 33 — 33 
Total assets$224,411 $99,360 $— $323,771 
December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents
Money market funds$173,099 $— $— $173,099 
Marketable securities
U.S. treasury securities205,704 — — 205,704 
Commercial paper— 152,792 — 152,792 
Corporate bonds— 29,682 — 29,682 
Total assets$378,803 $182,474 $— $561,277 
Liabilities
Foreign currency forward contracts$— $37 $— $37 
Total liabilities$— $37 $— $37 
The Company classified the marketable debt securities as available-for-sale debt securities at the time of purchase and reevaluated such classification at each balance sheet date. The valuation techniques used to measure the fair values of instruments that were classified as Level 1 were derived from quoted market prices for identical instruments in active markets. The valuation techniques used to measure the fair values of Level 2 instruments were derived from broker reports that utilized quoted market prices for similar instruments.
Foreign currency forward contracts are classified within the Level 2 value hierarchy, as the valuation inputs are not actively traded, and the valuation inputs are based on quoted market prices for similar instruments, including currency spot and forward rates.