4.Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:
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Fair Market Value Measurements
as of June 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents |
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Money market funds |
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$ |
295,500 |
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$ |
— |
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$ |
— |
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$ |
295,500 |
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U.S. Treasury bills |
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— |
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24,884 |
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— |
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24,884 |
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Marketable debt securities |
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U.S. Treasury bills |
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— |
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189,498 |
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— |
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189,498 |
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U.S. government agency bonds |
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— |
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478,934 |
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— |
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478,934 |
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Total assets |
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$ |
295,500 |
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$ |
693,316 |
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$ |
— |
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$ |
988,816 |
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Fair Market Value Measurements
as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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(in thousands) |
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Cash equivalents |
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Money market funds |
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$ |
50,234 |
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$ |
— |
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$ |
— |
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|
$ |
50,234 |
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U.S. Treasury bills |
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|
— |
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|
4,970 |
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— |
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|
4,970 |
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Marketable debt securities |
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|
|
|
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|
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U.S. Treasury bills |
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— |
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134,769 |
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— |
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|
134,769 |
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U.S. government agency bonds |
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— |
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|
96,090 |
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— |
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|
96,090 |
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Total assets |
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$ |
50,234 |
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$ |
235,829 |
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$ |
— |
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$ |
286,063 |
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There were no transfers between fair value levels during the six months ended June 30, 2026.
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