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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company performs fair value measurements in accordance with U.S. GAAP. Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs:

Level 1 — observable inputs, such as quoted prices in active markets for identical assets or liabilities;
Level 2 — significant other observable inputs that are observable either directly or indirectly; and
Level 3 — significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, and employee-related liabilities are reasonable estimates of their fair values because of the short-term nature of these assets and liabilities. Short-term investments are carried at fair value.
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in thousands):
Fair Value Measurements as of
June 30, 2026
TotalLevel 1Level 2Level 3
Assets
Cash equivalents(1)
$41,222 $41,222 $— $— 
Available-for-sale securities:
United States Government-sponsored enterprises119,485 — 119,485 — 
United States Treasury securities128,300 128,300 — — 
Commercial paper19,478 — 19,478 — 
Corporate debt securities125,915 — 125,915 — 
Foreign exchange forward contracts2,234 — 2,234 — 
Total assets$436,634 $169,522 $267,112 $— 
Liabilities
Foreign exchange forward contracts$128 $— $128 $— 
Total liabilities$128 $— $128 $— 
Fair Value Measurements as of
December 31, 2025
TotalLevel 1Level 2Level 3
Assets
Cash equivalents(1)
$75,642 $75,642 $— $— 
Available-for-sale securities:
United States Government-sponsored enterprises101,995 — 101,995 — 
United States Treasury securities34,338 34,338 — — 
Commercial paper21,516 — 21,516 — 
Corporate debt securities44,183 — 44,183 — 
Total assets$277,674 $109,980 $167,694 $— 
Liabilities
Foreign exchange forward contracts
$312 $— $312 $— 
Total liabilities
$312 $— $312 $— 
(1)Generally, cash equivalents include money market funds and investments with a maturity of three months or less from the date of purchase.
The Company’s Level 1 financial instruments, which are in active markets, are valued using unadjusted quoted market prices for identical instruments.
The Company’s Level 2 financial instruments are valued using market prices on less active markets with observable valuation inputs such as interest rates and yield curves. The Company obtains the fair value of Level 2 financial instruments from quoted market prices, calculated prices, or quotes from third-party pricing services. The Company validates these prices through independent valuation testing and review of portfolio valuations provided by the Company’s investment managers. The Company’s foreign currency forward contracts are designated as cash flow hedges (see Note 9, “Derivatives”) and are commitments to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate.
There were no transfers into or out of Level 3 assets during the three and six months ended June 30, 2026 and 2025.
Fair Value of Convertible Senior Notes
The Company’s convertible senior notes are carried at amortized cost on the consolidated balance sheets (see Note 7, “Debt”). As of June 30, 2026 and December 31, 2025, the Company estimated the fair value of its convertible senior notes based on Level 2 quoted market prices as follows (in thousands):
Fair Value Measurements as of
June 30, 2026December 31, 2025
Convertible Senior Notes due 2029
$304,391 $324,979 
Convertible Senior Notes due 2032
237,750 N/A
Total fair value of outstanding convertible senior notes
$542,141 $324,979