FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Fair Value Hierarchy of Financial Assets Measured at Fair Value

The following tables represent the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis for the periods presented:


	September 30, 2026
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	27,851	$	27,851	$	—	$	—

Total cash equivalents	27,851		27,851		—		—
U.S. government treasury bills	759,700		759,700		—		—
Total short-term marketable securities	759,700		759,700		—		—
Total	$	787,551	$	787,551	$	—	$	—


	December 31, 2025
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	63,195	$	63,195	$	—	$	—
U.S. government treasury bills	184,041		184,041		—		—
Total cash equivalents	247,236		247,236		—		—
U.S. government treasury bills	654,703		654,703		—		—
Total short-term marketable securities	654,703		654,703		—		—
Total	$	901,939	$	901,939	$	—	$	—

Schedule of Cash Equivalents and Marketable Debt Securities

The following tables summarize the Company’s cash equivalents and marketable securities’ amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category:


	September 30, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Money market funds	$	27,851	$	—	$	—	$	27,851
U.S. government treasury bills	760,118		—		(418)		759,700
Total	$	787,969	$	—	$	(418)	$	787,551


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Money market funds	$	63,195	$	—	$	—	$	63,195
U.S. government treasury bills	838,368		376		—		838,744
Total	$	901,563	$	376	$	—	$	901,939