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

4. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

 

 

Fair Value Measurements as of
June 30, 2026:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

118,397

 

 

$

—

 

 

$

—

 

 

$

118,397

 

Total cash equivalents

 

 

118,397

 

 

 

—

 

 

 

—

 

 

 

118,397

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills

 

 

—

 

 

 

704,578

 

 

 

—

 

 

 

704,578

 

U.S. agency securities

 

 

—

 

 

 

85,167

 

 

 

—

 

 

 

85,167

 

Total investments

 

$

—

 

 

$

789,745

 

 

$

—

 

 

$

789,745

 

 

 

 

Fair Value Measurements as of
December 31, 2025:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

80,313

 

 

$

—

 

 

$

—

 

 

$

80,313

 

Total cash equivalents

 

 

80,313

 

 

 

—

 

 

 

—

 

 

 

80,313

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills

 

 

—

 

 

 

401,184

 

 

 

—

 

 

 

401,184

 

U.S. agency securities

 

 

—

 

 

 

69,316

 

 

 

—

 

 

 

69,316

 

Total investments

 

$

—

 

 

$

470,500

 

 

$

—

 

 

$

470,500

 

In determining the fair value of its investments at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data.