| Fair Value Measurements |
5. Fair Value Measurements The following tables present information about the Company’s financial instruments that are measured at fair value on a recurring basis:
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September 30, 2026 |
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Fair Value |
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Level 1 |
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Level 2 |
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(in thousands) |
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Financial Assets: |
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Money market funds |
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$ |
26,032 |
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$ |
26,032 |
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$ |
— |
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Corporate debt securities |
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366 |
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— |
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|
366 |
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Government and agency debt |
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3,013 |
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— |
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3,013 |
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Cash equivalents |
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29,411 |
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26,032 |
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3,379 |
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Certificates of deposit |
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1,747 |
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— |
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1,747 |
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Commercial paper |
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24,708 |
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— |
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24,708 |
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Corporate debt securities |
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329,943 |
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— |
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329,943 |
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Municipal securities |
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35,128 |
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— |
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35,128 |
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Government and agency debt |
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213,227 |
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— |
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213,227 |
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Marketable securities |
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604,753 |
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— |
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604,753 |
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Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets |
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361 |
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— |
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361 |
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Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets |
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85 |
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— |
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85 |
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Restricted bank deposits included in prepaid expenses and other current assets |
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10 |
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— |
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10 |
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Foreign currency contracts designated as hedging instruments included in other assets, noncurrent |
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62 |
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— |
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62 |
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Total financial assets |
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$ |
634,682 |
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$ |
26,032 |
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$ |
608,650 |
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Financial Liabilities: |
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Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities |
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$ |
1,447 |
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$ |
— |
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$ |
1,447 |
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Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities |
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1,557 |
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— |
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1,557 |
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Total financial liabilities |
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$ |
3,004 |
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$ |
— |
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$ |
3,004 |
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December 31, 2025 |
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Fair Value |
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Level 1 |
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Level 2 |
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(in thousands) |
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Financial Assets: |
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Money market funds |
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$ |
26,407 |
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$ |
26,407 |
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$ |
— |
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Cash equivalents |
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26,407 |
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26,407 |
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— |
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Certificates of deposit |
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1,503 |
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— |
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1,503 |
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Commercial paper |
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11,763 |
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— |
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11,763 |
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Corporate debt securities |
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276,036 |
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— |
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276,036 |
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Municipal securities |
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29,493 |
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— |
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29,493 |
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Government and agency debt |
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162,301 |
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— |
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162,301 |
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Marketable securities |
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481,096 |
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— |
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481,096 |
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Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets |
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5,170 |
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— |
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5,170 |
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Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets |
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|
448 |
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— |
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|
448 |
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Restricted bank deposits included in prepaid expenses and other current assets |
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11 |
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— |
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|
11 |
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Total financial assets |
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$ |
513,132 |
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$ |
26,407 |
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$ |
486,725 |
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Financial Liabilities: |
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Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities |
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$ |
9 |
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$ |
— |
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$ |
9 |
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Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities |
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|
217 |
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— |
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|
217 |
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Total financial liabilities |
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$ |
226 |
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$ |
— |
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$ |
226 |
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The Company classifies its money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its restricted deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2026 and December 31, 2025, the Company did not have any assets or liabilities valued based on Level 3 valuations.
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