| Summary of Fair Value by Balance Sheet Grouping |
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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