The following tables present information about our financial assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:


(In thousands)	As of September 30, 2026		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	173,768	$	173,768	$	—	$	—
U.S. treasury securities	34,948		—		34,948		—
Commercial paper	9,265		—		9,265		—

Marketable debt securities:
U.S. treasury securities	847,996		—		847,996		—
Corporate notes	514,295		—		514,295		—
U.S. government-sponsored enterprise securities	451,805		—		451,805		—
Commercial paper	18,819		—		18,819		—



Restricted cash (money market funds)	570		570		—		—
Total financial assets	$	2,051,466	$	174,338	$	1,877,128	$	—


(In thousands)	As of December 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	140,445	$	140,445	$	—	$	—
U.S. treasury securities	18,952		—		18,952		—
U.S. government-sponsored enterprise securities	2,690		—		2,690		—
Commercial paper	1,995		—		1,995		—


Marketable debt securities:
U.S. treasury securities	653,341		—		653,341		—
Corporate notes	333,241		—		333,241		—
U.S. government-sponsored enterprise securities	252,634		—		252,634		—
Commercial paper	7,017		—		7,017		—

Municipal securities	5,001		—		5,001		—

Restricted cash (money market funds)	917		917		—		—
Total financial assets	$	1,416,233	$	141,362	$	1,274,871	$	—