| Summary of Financial Assets Measured At Fair Value On A Recurring Basis |
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | Money market funds | $ | 79,243 | | | $ | — | | | $ | — | | | $ | 79,243 | | | | | | | | | | | Debt securities issued by U.S. government agencies | 276,476 | | | — | | | — | | | 276,476 | | | Corporate debt securities | — | | | 293,224 | | | — | | | 293,224 | | | Asset backed securities | — | | | 68,208 | | | — | | | 68,208 | | | Commercial paper | — | | | 14,441 | | | — | | | 14,441 | | | Other debt securities | — | | | 246,731 | | | — | | | 246,731 | | | $ | 355,719 | | | $ | 622,604 | | | $ | — | | | $ | 978,323 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | | Money market funds | $ | 195,296 | | | $ | — | | | $ | — | | | $ | 195,296 | | | | | | | | | | | Debt securities issued by U.S. government agencies | 190,999 | | | — | | | — | | | 190,999 | | | Corporate debt securities | — | | | 198,318 | | | — | | | 198,318 | | | Asset backed securities | — | | | 61,352 | | | — | | | 61,352 | | | Commercial paper | — | | | 7,718 | | | — | | | 7,718 | | | Other debt securities | — | | | 117,374 | | | — | | | 117,374 | | | $ | 386,295 | | | $ | 384,762 | | | $ | — | | | $ | 771,057 | |
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