Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	25,189	$	—	$	25,189
Corporate bonds	—		3,675		3,675
Commercial paper	—		1,349		1,349
Total cash equivalents	25,189		5,024		30,213
Marketable securities:
Certificates of deposit	—		2,177		2,177
Commercial paper	—		3,046		3,046
Corporate bonds	—		262,356		262,356
U.S. Treasury securities	—		10,961		10,961

Asset-backed securities	—		38,464		38,464
Total marketable securities	—		317,004		317,004
Total cash equivalents and marketable securities	$	25,189	$	322,028	$	347,217


	As of December 31, 2025
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	29,023	$	—	$	29,023


Total cash equivalents	29,023		—		29,023
Marketable securities:
Certificates of deposit	—		905		905
Commercial paper	—		1,863		1,863
Corporate bonds	—		287,586		287,586
U.S. Treasury securities	—		6,756		6,756

Asset-backed securities	—		44,319		44,319
Total marketable securities	—		341,429		341,429
Total cash equivalents and marketable securities	$	29,023	$	341,429	$	370,452

The following tables present the fair value hierarchy of assets not recorded at fair value (in thousands):