| Fair Value of Financial Assets and Liabilities |
4. Fair value of financial assets and liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
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Fair value measurements as of September 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents: |
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Money market funds |
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$ |
93,202 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
93,202 |
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Corporate debt securities |
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|
— |
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|
|
— |
|
|
|
— |
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|
|
— |
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Commercial paper |
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|
— |
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|
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9,917 |
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|
|
— |
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|
|
9,917 |
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Marketable securities: |
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|
|
|
|
|
|
|
|
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U.S. government agency debt securities |
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|
— |
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349,922 |
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|
|
— |
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|
|
349,922 |
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Corporate debt securities |
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|
— |
|
|
|
373,187 |
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|
|
— |
|
|
|
373,187 |
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Commercial paper |
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|
— |
|
|
|
207,995 |
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|
|
— |
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|
|
207,995 |
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Total fair value of financial assets |
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$ |
93,202 |
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|
$ |
941,021 |
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|
$ |
— |
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|
$ |
1,034,223 |
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Fair value measurements as of December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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Money market funds |
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$ |
104,212 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
104,212 |
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Corporate debt securities |
|
|
— |
|
|
|
27,353 |
|
|
|
— |
|
|
|
27,353 |
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Commercial paper |
|
|
— |
|
|
|
25,922 |
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|
|
— |
|
|
|
25,922 |
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Marketable securities: |
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|
|
|
|
|
|
|
|
|
|
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U.S. government agency debt securities |
|
|
— |
|
|
|
231,915 |
|
|
|
— |
|
|
|
231,915 |
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Corporate debt securities |
|
|
— |
|
|
|
167,268 |
|
|
|
— |
|
|
|
167,268 |
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Commercial paper |
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|
— |
|
|
|
93,278 |
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|
|
— |
|
|
|
93,278 |
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Total fair value of financial assets |
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$ |
104,212 |
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|
$ |
545,736 |
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|
$ |
— |
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|
$ |
649,948 |
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For the nine months ended September 30, 2026, there were no transfers between Level 1, Level 2 and Level 3.
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