The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company:


	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)

Available-for-sale securities
U.S. government and agency securities	$	—	$	135,718	$	—	$	135,718
Commercial notes	—		136,944		—		136,944
Corporate debt securities	—		226,384		—		226,384
Total available-for-sale securities	—		499,046		—		499,046
Cash equivalents
Money market instruments	27,290		—		—		27,290
Commercial notes	—		2,996		—		2,996
Total cash equivalents	27,290		2,996		—		30,286
Total financial assets	$	27,290	$	502,042	$	—	$	529,332


	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)

Available-for-sale securities
U.S. government and agency securities	$	—	$	160,723	$	—	$	160,723
Commercial notes	—		179,714		—		179,714
Corporate debt securities	—		237,839		—		237,839
Total available-for-sale securities	—		578,276		—		578,276
Cash equivalents
Money market instruments	66,966		—		—		66,966
Total cash equivalents	66,966		—		—		66,966
Total financial assets	$	66,966	$	578,276	$	—	$	645,242