| Schedule of financial assets measured at fair value on a recurring basis |
The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | JUNE 30, | | DECEMBER 31, | | | | 2026 | | 2025 | | | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | | Money market funds | | $ | 267,032 | | $ | — | | $ | — | | $ | 267,032 | | $ | 795,089 | | $ | — | | $ | — | | $ | 795,089 | | U.S. government bonds | | | 638,630 | | | — | | | — | | | 638,630 | | | 385,392 | | | — | | | — | | | 385,392 | | U.S. government agency bonds | | | — | | | 34,647 | | | — | | | 34,647 | | | — | | | 24,941 | | | — | | | 24,941 | | Corporate debt securities | | | — | | | 396,743 | | | — | | | 396,743 | | | — | | | 236,241 | | | — | | | 236,241 | | Total fair value of financial assets | | $ | 905,662 | | $ | 431,390 | | $ | — | | $ | 1,337,052 | | $ | 1,180,481 | | $ | 261,182 | | $ | — | | $ | 1,441,663 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | JUNE 30, | | DECEMBER 31, | | | | 2026 | | 2025 | | | | | AMORTIZED | | GROSS UNREALIZED | | FAIR | | | AMORTIZED | | GROSS UNREALIZED | | FAIR | | | | COST | | LOSSES | | GAINS | | VALUE | | COST | | LOSSES | | GAINS | | VALUE | | Money market funds | | $ | 267,032 | | $ | — | | $ | — | | $ | 267,032 | | $ | 795,089 | | $ | — | | $ | — | | $ | 795,089 | | U.S. government bonds | | | 641,154 | | | (2,569) | | | 45 | | | 638,630 | | | 384,571 | | | (1) | | | 822 | | | 385,392 | | U.S. government agency bonds | | | 34,802 | | | (155) | | | — | | | 34,647 | | | 24,922 | | | — | | | 19 | | | 24,941 | | Corporate debt securities | | | 397,509 | | | (777) | | | 11 | | | 396,743 | | | 236,027 | | | (16) | | | 230 | | | 236,241 | | Total fair value of financial assets | | $ | 1,340,497 | | $ | (3,501) | | $ | 56 | | $ | 1,337,052 | | $ | 1,440,609 | | $ | (17) | | $ | 1,071 | | $ | 1,441,663 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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