| Summary of Fair Value of Financial Assets Consists of Cash Equivalents and Investments Classified as Available-for-sale Securities Measured on Recurring Basis |
The following tables set forth the fair value of our financial assets, which consists of cash equivalents and investments classified as available-for-sale securities, that were measured on a recurring basis (in thousands):
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June 30, 2026 |
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Fair Value
Hierarchy
Level |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair
Value |
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Money market funds |
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Level 1 |
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$ |
150,838 |
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$ |
— |
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$ |
— |
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$ |
150,838 |
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U.S. Treasury securities |
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Level 1 |
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356,077 |
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47 |
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(436 |
) |
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355,688 |
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U.S. Government agency securities |
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Level 2 |
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270,636 |
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— |
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(813 |
) |
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269,823 |
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Commercial paper |
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Level 2 |
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435,841 |
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6 |
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(475 |
) |
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435,372 |
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Asset-backed securities |
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Level 2 |
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7,687 |
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— |
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(3 |
) |
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7,684 |
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Corporate obligations |
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Level 2 |
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420,824 |
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68 |
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(830 |
) |
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420,062 |
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$ |
1,641,903 |
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$ |
121 |
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$ |
(2,557 |
) |
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$ |
1,639,467 |
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December 31, 2025 |
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Fair Value
Hierarchy
Level |
|
Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair
Value |
|
Money market funds |
|
Level 1 |
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$ |
89,509 |
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$ |
— |
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$ |
— |
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$ |
89,509 |
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U.S. Treasury securities |
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Level 1 |
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239,097 |
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574 |
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(7 |
) |
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239,664 |
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U.S. Government agency securities |
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Level 2 |
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201,788 |
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162 |
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(38 |
) |
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201,912 |
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Commercial paper |
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Level 2 |
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289,447 |
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96 |
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(26 |
) |
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289,517 |
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Asset-backed securities |
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Level 2 |
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7,579 |
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7 |
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— |
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7,586 |
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Corporate obligations |
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Level 2 |
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363,645 |
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457 |
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(53 |
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364,049 |
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$ |
1,191,065 |
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$ |
1,296 |
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$ |
(124 |
) |
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$ |
1,192,237 |
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