Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024 by level within the fair value hierarchy (in thousands):


	As of June 30, 2025
	(unaudited)								As of December 31, 2024
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Financial assets:
Cash equivalents:
Money market funds	$	120,316	$	—	$	—	$	120,316	$	133,113	$	—	$	—	$	133,113


Marketable securities:
US Treasury securities	—		571,630		—		571,630		—		343,383		—		343,383



Prepaid expenses and other short-term assets:
Forward foreign exchange contracts	—		14,470		—		14,470		—		8,099		—		8,099
Long-term marketable securities:
US Treasury securities	—		364,203		—		364,203		—		658,896		—		658,896

Long-term other assets:
Forward foreign exchange contracts	—		12,821		—		12,821		—		3,083		—		3,083
Financial liabilities:
Accrued expenses and other short-term liabilities:
Forward foreign exchange contracts	—		(5,720)		—		(5,720)		—		(2,902)		—		(2,902)
Long-term other liabilities:
Forward foreign exchange contracts	—		(6,375)		—		(6,375)		—		—		—		—
Total financial assets (liabilities), net	$	120,316	$	951,029	$	—	$	1,071,345	$	133,113	$	1,010,559	$	—	$	1,143,672