v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3. Fair Value Measurements
We measure our financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
Level 1—Inputs are observable and reflect quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.
Level 2—Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level 3—Inputs that are unobservable.
Money market funds and U.S. treasury securities are classified within Level 1 because they are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. Other debt securities and investments are classified within Level 2 if the investments are valued using model driven valuations
which use observable inputs such as quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Available-for-sale debt securities are held by custodians who obtain investment prices from a third-party pricing provider that incorporates standard inputs in various asset price models.
We did not have any assets or liabilities subject to fair value remeasurement on a nonrecurring basis as of September 30, 2026 and December 31, 2025.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table represents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of the periods presented below (in thousands):
September 30, 2026
Fair Value Measured Using
Level 1Level 2Total
Financial assets:
Cash equivalents:
Money market funds$282,745 $— $282,745 
U.S. treasury securities38,293 — 38,293 
U.S. government agency securities— 16,796 16,796 
Commercial paper— 77,517 77,517 
Marketable securities:
U.S. treasury securities40,558 — 40,558 
U.S. government agency securities— 27,548 27,548 
Corporate debt securities— 13,306 13,306 
Commercial paper
— 13,517 13,517 
Certificates of deposit
— 134,613 134,613 
Total financial assets$361,596 $283,297 $644,893 
December 31, 2025
Fair Value Measured Using
Level 1Level 2Total
Financial assets:
Cash equivalents:
Money market funds$120,923 $— $120,923 
U.S. treasury securities100,251 — 100,251 
U.S. government agency securities— 26,170 26,170 
Commercial paper— 47,466 47,466 
Certificates of deposit
— 129,875 129,875 
Marketable securities:
U.S. treasury securities131,379 — 131,379 
U.S. government agency securities— 30,908 30,908 
Corporate debt securities— 36,941 36,941 
Commercial paper— 12,369 12,369 
Total financial assets$352,553 $283,729 $636,282 
The fair value of derivative assets and liabilities as of September 30, 2026, and all related unrealized and realized gains and losses during the three and nine months ended September 30, 2026 and 2025, were not material. As of September 30, 2026 and December 31, 2025, the total notional amount of outstanding designated foreign
currency forward contracts was $71.3 million and $86.7 million, respectively. As of September 30, 2026, the Company had non-designated forward contracts with notional amounts of $109.8 million.