Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s assets and liabilities that were measured at fair value as of December 31, 2024 and 2023 by level within the fair value hierarchy (in thousands):


	As of December 31, 2024								As of December 31, 2023
	Level I		Level II		Level III		Total Fair Value		Level I		Level II		Level III		Total Fair Value
Financial assets:
Cash equivalents:
Money market funds	$	133,113	$	—	$	—	$	133,113	$	164,848	$	—	$	—	$	164,848
Marketable securities:
US Treasury securities	—		343,383		—		343,383		—		243,162		—		243,162
US Government Agency securities	—		—		—		—		—		10,013		—		10,013


Prepaid expenses and other short-term assets:
Forward foreign exchange contracts	—		8,099		—		8,099		—		3,408		—		3,408
Long-term marketable securities:
US Treasury securities	—		658,896		—		658,896		—		211,063		—		211,063
Long-term other assets:
Forward foreign exchange contracts	—		3,083		—		3,083		—		519		—		519
Financial liabilities:
Accrued expenses and other short-term liabilities:
Forward foreign exchange contracts	—		(2,902)		—		(2,902)		—		(7)		—		(7)
Long-term other liabilities:
Forward foreign exchange contracts	—		—		—		—		—		(1,624)		—		(1,624)
Total financial assets (liabilities), net	$	133,113	$	1,010,559	$	—	$	1,143,672	$	164,848	$	466,534	$	—	$	631,382