Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis and Level of Input Measurements

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	244,714	$	—	$	—	$	244,714
U.S. treasury bills	9,883		—		—		9,883
Corporate debt securities	—		131,006		—		131,006
U.S. government bonds	—		73,273		—		73,273
Agency bonds	—		16,431		—		16,431
Commercial paper	—		17,970		—		17,970
Total financial assets	$	254,597	$	238,680	$	—	$	493,277
Financial liabilities:
Indemnification equity holdback	—		—		61,154		61,154
Total financial liabilities	$	—	$	—	$	61,154	$	61,154


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	254,376	$	—	$	—	$	254,376

Corporate debt securities	—		72,277		—		72,277
U.S. government bonds	—		17,016		—		17,016
Commercial paper	—		5,456		—		5,456
Total financial assets	$	254,376	$	94,749	$	—	$	349,125

Schedule of Changes in Estimated Fair Value of Holdback Liabilities

The following table provides a summary of the changes in the estimated fair value, which are classified as Level 3 of the fair value hierarchy (in thousands):


Balance at January 1, 2026	$	—
Initial recognition	49,255
Change in fair value	(998)
Balance at March 31, 2026	48,257
Change in fair value	12,897
Balance at June 30, 2026	$	61,154

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(1)Fair value estimated based on the value of the Company’s common stock in addition to the probability of indemnification adjustments being incurred.