| Financial Assets Measured at Fair Value on Recurring Basis |
The following tables summarize the types of assets measured at fair value on a recurring basis by level within the fair value hierarchy.
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Fair value measurements |
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(in thousands) |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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As of June 30, 2026 |
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Assets |
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Cash equivalents |
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Money market funds |
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$ |
81,550 |
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$ |
81,550 |
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$ |
— |
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$ |
— |
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Marketable securities |
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U.S. treasury securities |
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243,324 |
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— |
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243,324 |
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— |
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U.S. government agency securities |
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15,978 |
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— |
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15,978 |
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— |
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Commercial paper |
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17,502 |
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— |
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17,502 |
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— |
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Corporate debt securities |
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15,461 |
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— |
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15,461 |
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— |
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Restricted cash |
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1,088 |
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1,088 |
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— |
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— |
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Total assets measured at fair value |
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$ |
374,903 |
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$ |
82,638 |
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$ |
292,265 |
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$ |
— |
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As of December 31, 2025 |
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Assets |
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Cash equivalents |
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Money market funds |
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$ |
54,154 |
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$ |
54,154 |
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$ |
— |
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$ |
— |
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Marketable securities |
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U.S. treasury securities |
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139,453 |
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— |
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139,453 |
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— |
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U.S. government agency securities |
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23,476 |
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— |
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23,476 |
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— |
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Commercial paper |
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5,876 |
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— |
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5,876 |
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— |
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Corporate debt securities |
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1,979 |
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— |
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1,979 |
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— |
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Restricted cash |
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1,088 |
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1,088 |
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— |
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— |
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Total assets measured at fair value |
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$ |
226,026 |
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$ |
55,242 |
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$ |
170,784 |
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$ |
— |
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