v3.26.1
FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES
The following tables represent the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis for the periods presented:

June 30, 2026
(in thousands)Fair ValueLevel 1Level 2Level 3
Financial Assets:
Money market funds$53,571 $53,571 $— $— 
Total cash equivalents53,571 53,571 — — 
U.S. government treasury bills805,964 805,964 — — 
Total short-term marketable securities805,964 805,964 — — 
Total$859,535 $859,535 $— $— 

December 31, 2025
(in thousands)
Fair Value
Level 1
Level 2
Level 3
Financial Assets:
Money market funds$63,195 $63,195 $— $— 
U.S. government treasury bills184,041 184,041 — — 
Total cash equivalents247,236 247,236 — — 
U.S. government treasury bills654,703 654,703 — — 
Total short-term marketable securities654,703 654,703 — — 
Total$901,939 $901,939 $— $— 
The following tables summarize the Company’s cash equivalents and marketable securities’ amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category:
June 30, 2026
(in thousands)
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses
Estimated Fair Value
Money market funds
$53,571 $— $— $53,571 
U.S. government treasury bills806,184 — (220)805,964 
Total
$859,755 $— $(220)$859,535 
December 31, 2025
(in thousands)
Amortized Cost
Gross Unrealized GainsGross Unrealized Losses
Estimated Fair Value
Money market funds$63,195 $— $— $63,195 
U.S. government treasury bills838,368 376 — 838,744 
Total$901,563 $376 $— $901,939 
All of the Company’s marketable securities had maturities of less than one year.
The Company had seventeen securities with a fair value of $806.0 million in an unrealized loss position as of June 30, 2026 and no securities in an unrealized loss position as of December 31, 2025. None of the Company’s marketable securities had been in an unrealized loss position for more than one year as of June 30, 2026. It was determined that no credit losses exist as of June 30, 2026 because the change in market value for those securities that were in an unrealized loss position resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The Company does not intend to sell the money market funds and short term investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis.