Fair Value Measurements (Tables)

12 Months Ended

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


	As of December 31, 2025						As of December 31, 2024
	Level I		Level II		Level III			Level I		Level II		Level III
Financial assets:
Cash equivalents:
Money market funds	$	120,155	$	—	$	—		$	133,113	$	—	$	—
Marketable securities:
US Treasury securities	—		681,225		—			—		343,383		—



Prepaid expenses and other short-term assets:
Forward foreign exchange contracts	—		21,605		—			—		8,099		—
Long-term marketable securities:
US Treasury securities	—		187,202		—			—		658,896		—
Long-term other assets:
Forward foreign exchange contracts	—		6,465		—			—		3,083		—
Financial liabilities:
Accrued expenses and other short-term liabilities:
Forward foreign exchange contracts	—		(2,515)		—			—		(2,902)		—
Long-term other liabilities:
Forward foreign exchange contracts	—		(1,691)		—			—		—		—
Total financial assets, net	$	120,155	$	892,291	$	—		$	133,113	$	1,010,559	$	—