v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair value measurements

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts payable, and accrued expenses and other current liabilities approximate fair value due to their relatively short maturities and market interest rates, if applicable. The Company’s marketable securities measured at fair value on a recurring basis are classified within the fair value hierarchy as described below.

Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value and indicates the fair value hierarchy of the valuation:

 

 

 

June 30, 2026

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

436,756

 

 

$

436,756

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

569,502

 

 

 

—

 

 

 

569,502

 

 

 

—

 

U.S. government and agency securities

 

 

1,163,860

 

 

 

—

 

 

 

1,163,860

 

 

 

—

 

Corporate bonds

 

 

1,712,855

 

 

 

—

 

 

 

1,712,855

 

 

 

—

 

Total

 

$

3,882,973

 

 

$

436,756

 

 

$

3,446,217

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

185,253

 

 

 

103,535

 

 

 

81,718

 

 

 

—

 

Total

 

$

185,253

 

 

$

103,535

 

 

$

81,718

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

369,376

 

 

$

369,376

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

75,080

 

 

 

—

 

 

 

75,080

 

 

 

—

 

U.S. government and agency securities

 

 

690,683

 

 

 

—

 

 

 

690,683

 

 

 

—

 

Corporate bonds

 

 

889,057

 

 

 

—

 

 

 

889,057

 

 

 

—

 

Total

 

$

2,024,196

 

 

$

369,376

 

 

$

1,654,820

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

18,546

 

 

 

10,376

 

 

 

8,170

 

 

 

—

 

Total

 

$

18,546

 

 

$

10,376

 

 

$

8,170

 

 

$

—

 

Money market funds are measured at fair value on a recurring basis using quoted prices. U.S. government debt securities, government agency bonds, certificates of deposit, commercial paper and corporate bonds are measured at fair value, which is derived from independent pricing sources based on quoted prices in active markets for similar securities.

There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

The fair value of the public warrants was determined using observable listed market prices for such warrants and is categorized as Level 1. The fair value of the private warrants is categorized as Level 2 because, while the private warrants are not actively traded, their value is derived from the observable market price of the public warrants, as the warrants have substantially similar terms.