v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company employs a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Company’s valuation techniques and inputs used to measure fair value and the definition of the three levels (Level 1, Level 2, and Level 3) of the fair value hierarchy are disclosed in Note 1, Organization and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements of Part II, “Item 8. Consolidated Financial Statements and Supplementary Data” of its Annual Report on Form 10-K for the year ended December 31, 2025.
The Company uses prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2, or from Level 2 to Level 3. The Company recognizes transfers between levels at either the actual date of the event or a change in circumstances that caused the transfer. As of June 30, 2026 and December 31, 2025, the Company did not have any financial assets or financial liabilities based on Level 3 measurements.
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:
June 30, 2026
Total
Fair Value		Level 1Level 2Level 3
(in thousands)
Cash equivalents:
Money market funds
$26,910 $26,910 $— $— 
Marketable debt securities:
Government securities
441,687 — 441,687 — 
Marketable equity securities
78,637 78,637 — — 
Total financial assets$547,234 $105,547 $441,687 $— 
December 31, 2025
Total
Fair Value		Level 1Level 2Level 3
(in thousands)
Cash equivalents:
Money market funds
$35,565 $35,565 $— $— 
Marketable debt securities:
Corporate securities
11,968 — 11,968 — 
Government securities
544,792 — 544,792 — 
Marketable equity securities
112,502 112,502 — — 
Total financial assets$704,827 $148,067 $556,760 $—