v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash, Cash Equivalents and Marketable Debt Securities by Significant Investment Category
The following table shows the Company’s cash, cash equivalents and marketable debt securities by significant investment category:
As of June 30, 2026
Amortized CostUnrealized Gains
Unrealized Losses (1)
Fair ValueCash and Cash EquivalentsCurrent Marketable Debt SecuritiesNoncurrent Marketable Debt Securities
Cash$— $— $— $— $57,623 $— $— 
Level 1:
Money market funds— — — — 1,571,094 — — 
U.S. Treasury securities1,244,182 61 (4,041)1,240,202 — 699,071 541,131 
Subtotal1,244,182 61 (4,041)1,240,202 1,571,094 699,071 541,131 
Level 2 (2):
Commercial paper137,423 — (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.
The following tables show the Company’s cash, cash equivalents, and marketable debt securities by significant investment category:
As of December 31, 2025
Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsCurrent Marketable Debt SecuritiesNoncurrent Marketable Debt Securities
Cash$— $— $— $11,022 $— $— 
Level 1:
Money market funds— — — 777,423 — — 
U.S. Treasury securities504,008 1,123 505,131 — 320,563 184,568 
Subtotal504,008 1,123 505,131 777,423 320,563 184,568 
Level 2 (1):
Commercial paper118,907 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.
Schedule of Fair Value of the Company’s Marketable Debt Securities, by Contractual Maturity
The following table shows the fair value of the Company’s noncurrent marketable debt securities, by contractual maturity, as of June 30, 2026:

Due within 1 year$820,454 
Due after 1 year through 5 years541,131 
Total fair value$1,361,585 
Schedule of Fair Value of Contingent Consideration
The following table presents the fair value of the Company's contingent consideration measured on a recurring basis as of June 30, 2026:

Fair ValueQuoted 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