| Schedule of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy |
The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | As of September 30, 2026 | | | Fair Value | | Amortized | | Unrealized | | Unrealized | | Fair Market | | | Hierarchy | | Cost Basis | | Gains | | Losses | | Value | Cash equivalents: | | | | | | | | | | | | | | | Money market funds | | Level 1 | | $ | 68,469 | | $ | — | | $ | — | | $ | 68,469 | Marketable securities, available for sale: | | | | | | | | | | | | | | | Asset-backed securities | | Level 2 | | | 195,655 | | | — | | | (523) | | | 195,132 | Corporate debt securities | | Level 2 | | | 556,283 | | | — | | | (1,782) | | | 554,501 | Commercial paper | | Level 2 | | | 161,358 | | | — | | | (443) | | | 160,915 | U.S. government treasury and agency securities | | Level 2 | | | 767,519 | | | — | | | (2,854) | | | 764,665 | Total | | | | $ | 1,749,284 | | $ | — | | $ | (5,602) | | $ | 1,743,682 |
| | | | | | | | | | | | | | | | | As of December 31, 2025 | | | Fair Value | | Amortized | | Unrealized | | Unrealized | | Fair Market | | | Hierarchy | | Cost Basis | | Gains | | Losses | | Value | Cash equivalents: | | | | | | | | | | | | | | | Money market funds | | Level 1 | | $ | 60,965 | | $ | — | | $ | — | | $ | 60,965 | Marketable securities, available for sale: | | | | | | | | | | | | | | | Asset-backed securities | | Level 2 | | | 55,426 | | | 78 | | | — | | | 55,504 | Corporate debt securities | | Level 2 | | | 193,479 | | | 270 | | | (5) | | | 193,744 | Commercial paper | | Level 2 | | | 10,424 | | | 7 | | | — | | | 10,431 | U.S. government treasury and agency securities | | Level 2 | | | 208,955 | | | 327 | | | — | | | 209,282 | Total | | | | $ | 529,249 | | $ | 682 | | $ | (5) | | $ | 529,926 |
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