v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of the Company’s financial assets measured on a recurring basis was as follows:
September 30, 2026
Level 1Level 2Total
Cash and cash equivalents:
Cash$84,578 $— $84,578 
Money market funds501,587 — 501,587 
U.S. Treasury securities39,968 — 39,968 
Commercial paper— 39,963 39,963 
Total cash and cash equivalents$626,133 $39,963 $666,096 
Marketable securities:
U.S. Treasury securities$99,238 $— $99,238 
Commercial paper— 79,407 79,407 
Total Marketable securities$99,238 $79,407 $178,645 
December 31, 2025
Level 1Level 2Total
Cash and cash equivalents:
Cash$57,363 $— $57,363 
Money market funds197,112 — 197,112 
Total cash and cash equivalents$254,475 $— $254,475 
The Company classifies its highly liquid money market funds and U.S. Treasury securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper within Level 2 because it is valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The Company had no Level 2 financial assets as of December 31, 2025 and no Level 3 financial assets as of September 30, 2026 and December 31, 2025.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Company reports financial instruments at fair value, with the exception of its convertible notes. Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. Refer to Note 7. Debt for the carrying values and estimated fair values of financial instruments not recorded at fair value.