v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

September 30, 2026

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

218,423

 

 

$

—

 

 

$

—

 

 

$

218,423

 

Restricted cash equivalents

 

 

997

 

 

 

—

 

 

 

—

 

 

 

997

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Treasury bills

 

 

90,585

 

 

 

—

 

 

 

—

 

 

 

90,585

 

Treasury notes

 

 

431,497

 

 

 

—

 

 

 

—

 

 

 

431,497

 

Commercial paper

 

 

—

 

 

 

5,955

 

 

 

—

 

 

 

5,955

 

Total marketable securities

 

 

522,082

 

 

 

5,955

 

 

 

—

 

 

 

528,037

 

Total financial assets

 

$

741,502

 

 

$

5,955

 

 

$

—

 

 

$

747,457

 

 

 

December 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

207,599

 

 

$

—

 

 

$

—

 

 

$

207,599

 

Restricted cash equivalents

 

 

985

 

 

 

—

 

 

 

—

 

 

 

985

 

Treasury bills

 

 

90,328

 

 

 

—

 

 

 

—

 

 

 

90,328

 

Total financial assets

 

$

298,912

 

 

$

—

 

 

$

—

 

 

$

298,912

 

 

The Company classifies its cash equivalents, treasury bills, and treasury notes as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial paper as Level 2 assets under the fair value hierarchy, as these assets have been valued using information obtained through a third-party pricing service at each balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources.