v3.25.4
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at December 31, 2025 and December 31, 2024:

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash equivalents and investments:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

191,494

 

 

$

—

 

 

$

—

 

 

$

191,494

 

Corporate bonds

 

 

—

 

 

 

253,765

 

 

 

—

 

 

 

253,765

 

U.S. Government agency securities

 

 

—

 

 

 

45,710

 

 

 

—

 

 

 

45,710

 

U.S. Treasury securities

 

 

—

 

 

 

658,739

 

 

 

—

 

 

 

658,739

 

Strategic investments

 

 

—

 

 

 

—

 

 

 

19,076

 

 

 

19,076

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

—

 

 

 

2,703

 

 

 

—

 

 

 

2,703

 

Prepaid expenses and other current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative assets

 

 

—

 

 

 

240

 

 

 

—

 

 

 

240

 

Total assets

 

$

191,494

 

 

$

961,157

 

 

$

19,076

 

 

$

1,171,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued expenses and other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative liabilities

 

$

—

 

 

$

381

 

 

$

—

 

 

$

381

 

Total

 

$

—

 

 

$

381

 

 

$

—

 

 

$

381

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash equivalents and investments:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

64,109

 

 

$

—

 

 

$

—

 

 

$

64,109

 

Commercial paper

 

 

—

 

 

 

4,941

 

 

 

—

 

 

 

4,941

 

Corporate bonds

 

 

—

 

 

 

284,575

 

 

 

—

 

 

 

284,575

 

U.S. Government agency securities

 

 

—

 

 

 

117,369

 

 

 

—

 

 

 

117,369

 

U.S. Treasury securities

 

 

—

 

 

 

1,307,363

 

 

 

—

 

 

 

1,307,363

 

Strategic investments

 

 

—

 

 

 

—

 

 

 

9,409

 

 

 

9,409

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

 

—

 

 

 

4,053

 

 

 

—

 

 

 

4,053

 

Total assets

 

$

64,109

 

 

$

1,718,301

 

 

$

9,409

 

 

$

1,791,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued expenses and other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency derivative liabilities

 

 

—

 

 

 

584

 

 

 

—

 

 

 

584

 

Total

 

$

—

 

 

$

584

 

 

$

—

 

 

$

584