FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following tables represent the fair value hierarchy for the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024:


	December 31, 2025
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	63,195	$	63,195	$	—	$	—
U.S. government treasury bills	184,041		184,041		—		—
Total cash equivalents	247,236		247,236		—		—
U.S. government treasury bills	654,703		654,703		—		—
Total short-term marketable securities	654,703		654,703		—		—
Total	$	901,939	$	901,939	$	—	$	—


	December 31, 2024
(in thousands)	Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Money market funds	$	94,697	$	94,697	$	—	$	—
U.S. government treasury bills	117,442		117,442		—		—
Total cash equivalents	212,139		212,139		—		—
U.S. government treasury bills	549,236		549,236		—		—
Total short-term marketable securities	549,236		549,236		—		—
Total	$	761,375	$	761,375	$	—	$	—

The following tables summarize the Company’s cash equivalents and marketable securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value
Money market funds	$	63,195	$	—	$	63,195
U.S. government treasury bills	838,368		376		838,744
Total	$	901,563	$	376	$	901,939


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Estimated Fair Value
Money market funds	$	94,697	$	—	$	94,697
U.S. government treasury bills	666,412		266		666,678
Total	$	761,109	$	266	$	761,375

All of the Company’s marketable securities had maturities of less than one year.

There were no marketable securities in an unrealized loss position as of December 31, 2025 and December 31, 2024. Accordingly, no credit loss impairment was recognized as of December 31, 2025 and December 31, 2024

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details