| Fair Value of Financial Assets and Liabilities |
4. Fair value of financial assets and liabilities The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements as of June 30, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
85,706 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
85,706 |
|
Corporate debt securities |
|
|
— |
|
|
|
8,987 |
|
|
|
— |
|
|
|
8,987 |
|
Commercial paper |
|
|
— |
|
|
|
31,282 |
|
|
|
— |
|
|
|
31,282 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency debt securities |
|
|
— |
|
|
|
385,971 |
|
|
|
— |
|
|
|
385,971 |
|
Corporate debt securities |
|
|
— |
|
|
|
413,445 |
|
|
|
— |
|
|
|
413,445 |
|
Commercial paper |
|
|
— |
|
|
|
242,100 |
|
|
|
— |
|
|
|
242,100 |
|
Total assets |
|
$ |
85,706 |
|
|
$ |
1,081,785 |
|
|
$ |
— |
|
|
$ |
1,167,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements as of December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
104,212 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
104,212 |
|
Corporate debt securities |
|
|
— |
|
|
|
27,353 |
|
|
|
— |
|
|
|
27,353 |
|
Commercial paper |
|
|
— |
|
|
|
25,922 |
|
|
|
— |
|
|
|
25,922 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency debt securities |
|
|
— |
|
|
|
231,915 |
|
|
|
— |
|
|
|
231,915 |
|
Corporate debt securities |
|
|
— |
|
|
|
167,268 |
|
|
|
— |
|
|
|
167,268 |
|
Commercial paper |
|
|
— |
|
|
|
93,278 |
|
|
|
— |
|
|
|
93,278 |
|
Total assets |
|
$ |
104,212 |
|
|
$ |
545,736 |
|
|
$ |
— |
|
|
$ |
649,948 |
|
For the six months ended June 30, 2026, there were no transfers between Level 1, Level 2 and Level 3.
|