v3.25.4
FAIR VALUE MEASUREMENTS, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of fair value hierarchy of financial assets measured at fair value
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 bills184,041 184,041 — — 
Total cash equivalents
247,236 247,236 — — 
U.S. government treasury bills654,703 654,703 — — 
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 bills117,442 117,442 — — 
Total cash equivalents
212,139 212,139 — — 
U.S. government treasury bills549,236 549,236 — — 
Total short-term marketable securities
549,236 549,236 — — 
Total
$761,375 $761,375 $— $— 
Schedule of cash equivalents and marketable debt securities
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 bills838,368 376 838,744 
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 bills666,412 266 666,678 
Total$761,109 $266 $761,375