
	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses (1)		Fair Value		Cash and Cash Equivalents		Current Marketable Debt Securities		Noncurrent Marketable Debt Securities
Cash	$	—	$	—	$	—	$	—	$	57,623	$	—	$	—
Level 1:
Money market funds	—		—		—		—		1,571,094		—		—
U.S. Treasury securities	1,244,182		61		(4,041)		1,240,202		—		699,071		541,131
Subtotal	1,244,182		61		(4,041)		1,240,202		1,571,094		699,071		541,131
Level 2 (2):
Commercial paper	137,423		—		(53)		137,370		15,987		121,383		—
Total	$	1,381,605	$	61	$	(4,094)	$	1,377,572	$	1,644,704	$	820,454	$	541,131

(1) There was no allowance for expected credit losses on available-for-sale marketable debt securities as of June 30, 2026 as the unrealized losses were deemed to be temporary in nature.

(2) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.

As of June 30, 2026, interest receivables related to available-for-sale marketable debt securities of $4,896 were included in marketable debt securities on the condensed consolidated balance sheets.

As of June 30, 2026, interest receivables related to marketable debt securities of $6,769 were included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

The following table shows the fair value of the Company’s noncurrent marketable debt securities, by contractual maturity, as of June 30, 2026:


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Fair Value		Cash and Cash Equivalents		Current Marketable Debt Securities		Noncurrent Marketable Debt Securities
Cash	$	—	$	—	$	—	$	11,022	$	—	$	—
Level 1:
Money market funds	—		—		—		777,423		—		—
U.S. Treasury securities	504,008		1,123		505,131		—		320,563		184,568
Subtotal	504,008		1,123		505,131		777,423		320,563		184,568
Level 2 (1):
Commercial paper	118,907		56		118,963		—		118,963		—
Total	$	622,915	$	1,179	$	624,094	$	788,445	$	439,526	$	184,568

(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.

As of December 31, 2025, interest receivables related to available-for-sale marketable debt securities of $4,005 were included in marketable debt securities on the condensed consolidated balance sheets.

As of December 31, 2025, interest receivables related to marketable debt securities of $3,160 were included in prepaid expenses and other current assets on the condensed consolidated balance sheets.



	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Contingent consideration	$	3,110	$	—	$	—	$	3,110

The fair value of the contingent consideration was determined using an option pricing model based on the probability of achieving the earnout targets over the two-year earnout period. The contingent consideration is classified as a Level 3 fair value measurement due to the use of significant unobservable inputs, which include a calculated discount rate and expected revenue volatility. No material changes or assumptions relating to the estimated fair value of the contingent consideration were identified during the period. As of June 30, 2026, the current portion of $1,880 is reflected in accrued expenses and other and $1,230 is reflected in other liabilities on the condensed consolidated balance sheets.