v3.26.1
Marketable Securities and Fair Value of Financial Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Marketable Securities

The following table summarizes the Company’s marketable securities (in thousands):

 

 

 

June 30, 2026

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

U.S. Treasury bills and notes (due within one year)

 

$611,898

 

$4

 

$(774)

 

$611,128

 

 

 

December 31, 2025

 

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair
Value

U.S. Treasury bills and notes (due within one year)

 

$588,397

 

$363

 

$(7)

 

$588,753

Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

 

 

 

Fair Value Measurements at June 30, 2026 Using:

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets:

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

Money market funds

 

$153,830

 

$—

 

$—

 

$153,830

Marketable securities:

 

 

 

 

 

 

 

 

U.S. Treasury bills and notes

 

$—

 

$611,128

 

$—

 

$611,128

Total assets

 

$153,830

 

$611,128

 

$—

 

$764,958

 

 

 

Fair Value Measurements at December 31, 2025 Using:

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets:

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

Money market funds

 

$213,102

 

$—

 

$—

 

$213,102

Marketable securities:

 

 

 

 

 

 

 

 

U.S. Treasury bills and notes

 

$—

 

$588,753

 

$—

 

$588,753

Total assets

 

$213,102

 

$588,753

 

$—

 

$801,855