Fair Value Measurements (Tables)

Financial instruments measured at fair value on a recurring basis:


	As of September 30, 2026						As of December 31, 2025
(in thousands)	Total		Level 1		Level 2		Total		Level 1		Level 2
Cash equivalents
Money market funds	$	71,652	$	71,652	$	—	$	42,833	$	42,833	$	—
US Government and agency obligations	9,698		—		9,698		16,901		—		16,901
Commercial paper	2,983		—		2,983		14,712		—		14,712
Municipal debt securities	1,485		—		1,485		4,520		—		4,520
Corporate debt securities	217		—		217		5,713		—		5,713
Total cash equivalents	86,035		71,652		14,383		84,679		42,833		41,846
Short-term
Corporate debt securities	253,298		—		253,298		337,988		—		337,988
Commercial paper	126,539		—		126,539		179,697		—		179,697
US Government and agency obligations	101,754		—		101,754		67,696		—		67,696
Certificates of deposit	18,021		—		18,021		27,960		—		27,960
Municipal debt securities	15,144		—		15,144		19,618		—		19,618
Total short-term	514,756		—		514,756		632,959		—		632,959
Long-term
Corporate debt securities	10,010		—		10,010		30,127		—		30,127
US Government and agency obligations	492		—		492		2,696		—		2,696



Total long-term	10,502		—		10,502		32,823		—		32,823
Total financial instruments	$	611,293	$	71,652	$	539,641	$	750,461	$	42,833	$	707,628

Carrying value and estimated fair value of long-term debt, including current maturities and without reduction for related costs, are as follows: