| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):
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|
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|
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September 30, 2026 |
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|
December 31, 2025 |
|
|
|
Level 1 |
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|
Level 2 |
|
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Total |
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|
Level 1 |
|
|
Level 2 |
|
|
Total |
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Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
1,054 |
|
|
$ |
— |
|
|
$ |
1,054 |
|
|
$ |
21,209 |
|
|
$ |
— |
|
|
$ |
21,209 |
|
Commercial paper |
|
|
— |
|
|
|
3,838 |
|
|
|
3,838 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total cash equivalents |
|
|
1,054 |
|
|
|
3,838 |
|
|
|
4,892 |
|
|
|
21,209 |
|
|
|
— |
|
|
|
21,209 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agency securities |
|
|
— |
|
|
|
6,989 |
|
|
|
6,989 |
|
|
|
— |
|
|
|
7,480 |
|
|
|
7,480 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
— |
|
|
|
25,390 |
|
|
|
25,390 |
|
Corporate notes and bonds |
|
|
— |
|
|
|
39,657 |
|
|
|
39,657 |
|
|
|
— |
|
|
|
67,962 |
|
|
|
67,962 |
|
Commercial paper |
|
|
— |
|
|
|
26,342 |
|
|
|
26,342 |
|
|
|
— |
|
|
|
26,298 |
|
|
|
26,298 |
|
Total short-term investments |
|
|
— |
|
|
|
74,238 |
|
|
|
74,238 |
|
|
|
— |
|
|
|
127,130 |
|
|
|
127,130 |
|
Long-term investments: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government agency securities |
|
|
— |
|
|
|
14,210 |
|
|
|
14,210 |
|
|
|
— |
|
|
|
6,851 |
|
|
|
6,851 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
1,984 |
|
|
|
1,984 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Corporate notes and bonds |
|
|
— |
|
|
|
99,150 |
|
|
|
99,150 |
|
|
|
— |
|
|
|
96,915 |
|
|
|
96,915 |
|
Total long-term investments |
|
|
— |
|
|
|
115,344 |
|
|
|
115,344 |
|
|
|
— |
|
|
|
103,766 |
|
|
|
103,766 |
|
Total cash equivalents and investments |
|
|
1,054 |
|
|
|
193,420 |
|
|
|
194,474 |
|
|
|
21,209 |
|
|
|
230,896 |
|
|
|
252,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capped call transactions |
|
|
— |
|
|
|
48,656 |
|
|
|
48,656 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1,054 |
|
|
$ |
242,076 |
|
|
$ |
243,130 |
|
|
$ |
21,209 |
|
|
$ |
230,896 |
|
|
$ |
252,105 |
|
|
| Schedule of Cost or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Total Estimated Fair Value of Financial Assets |
The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands):
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|
|
|
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|
September 30, 2026 |
|
|
Cost or |
|
|
Gross |
|
|
Gross |
|
|
Total Estimated |
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
$ |
1,054 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,054 |
|
U.S. Government agency securities |
|
21,349 |
|
|
|
— |
|
|
|
(150 |
) |
|
|
21,199 |
|
U.S. Treasury securities |
|
3,255 |
|
|
|
— |
|
|
|
(21 |
) |
|
|
3,234 |
|
Corporate notes and bonds |
|
140,513 |
|
|
|
5 |
|
|
|
(1,711 |
) |
|
|
138,807 |
|
Commercial paper |
|
30,231 |
|
|
|
— |
|
|
|
(51 |
) |
|
|
30,180 |
|
Total |
$ |
196,402 |
|
|
$ |
5 |
|
|
$ |
(1,933 |
) |
|
$ |
194,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Cost or |
|
|
Gross |
|
|
Gross |
|
|
Total Estimated |
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
$ |
21,209 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,209 |
|
U.S. Government agency securities |
|
14,339 |
|
|
|
2 |
|
|
|
(10 |
) |
|
|
14,331 |
|
U.S. Treasury securities |
|
25,378 |
|
|
|
17 |
|
|
|
(5 |
) |
|
|
25,390 |
|
Corporate notes and bonds |
|
164,563 |
|
|
|
383 |
|
|
|
(69 |
) |
|
|
164,877 |
|
Commercial paper |
|
26,285 |
|
|
|
14 |
|
|
|
(1 |
) |
|
|
26,298 |
|
Total |
$ |
251,774 |
|
|
$ |
416 |
|
|
$ |
(85 |
) |
|
$ |
252,105 |
|
|