v3.26.1
FAIR VALUE
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1—Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access.
Level 2—Inputs include:
•Quoted prices for identical or similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs, other than quoted prices in active markets, which are observable either directly or indirectly;
•Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.
Level 3—Unobservable inputs in which there is little or no market activity for the asset or liability, which require the reporting entity to develop its own estimates and assumptions relating to the pricing of the asset or liability including assumptions regarding risk.
The following table presents amortized cost, gross unrealized gains and losses, and fair value by major security type and balance sheet classification as of June 30, 2026 and December 31, 2025:
As of June 30, 2026
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Cash$— $— $— $184,869 $184,869 $— $— 
Level 1
Commercial paper$8,417 $— $(18)$8,399 $— $8,417 $— 
Money market funds996,018 — — 996,018 996,018 — — 
Subtotal$1,004,435 $— $(18)$1,004,417 $996,018 $8,417 $— 
Level 2
Asset-backed securities$22,141 $2 $(30)$22,113 $— $4 $22,136 
Corporate debt securities160,121 17 (407)159,731 — 104,609 55,513 
U.S. Treasury securities43,593 2 (200)43,395 — 19,949 23,644 
Subtotal$225,855 $21 $(637)$225,239 $— $124,562 $101,293 
Level 3
Investment in SAFE$— $— $— $1,400 $— $— $1,400 
Subtotal$— $— $— $1,400 $— $— $1,400 
Total$1,230,290 $21 $(655)$1,415,925 $1,180,887 $132,979 $102,693 
As of December 31, 2025
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash EquivalentsShort-Term InvestmentsLong-Term Investments
Cash$— $— $— $155,840 $155,840 $— $— 
Level 1
Commercial paper$4,318 $— $— $4,318 $1,993 $2,324 $— 
Money market funds878,556 — — 878,556 878,556 — — 
Subtotal$882,874 $— $— $882,874 $880,549 $2,324 $— 
Level 2
Asset-backed securities$26,794 $44 $— $26,838 $— $347 $26,447 
Corporate debt securities182,417 237 (19)182,635 — 93,997 88,420 
U.S. Treasury securities26,241 154 — 26,395 — 7,410 18,831 
Subtotal$235,452 $435 $(19)$235,868 $— $101,754 $133,698 
Level 3
Investment in SAFE$— $— $— $1,400 $— $— $1,400 
Subtotal$— $— $— $1,400 $— $— $1,400 
Total$1,118,326 $435 $(19)$1,275,982 $1,036,389 $104,078 $135,098 
As of June 30, 2026 and December 31, 2025, all of the Company’s short-term investments have contractual maturities of one year or less and all of the Company’s long-term investments have contractual maturities between one and five years. The Company has elected to present accrued interest within Prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets. Accrued interest was $2,091 and $2,099 as of June 30, 2026 and December 31, 2025, respectively.
Changes in market interest rates, credit risk of borrowers and overall market liquidity, among other factors, may cause the short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of June 30, 2026, the Company does not intend to sell, nor is it more likely than not that it will be required to sell, such securities before recovering the amortized cost basis. No allowance for credit losses was recognized in the financial statements for held-to-maturity debt securities for the periods ended June 30, 2026 and 2025.