Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	149,874	$	—	$	—	$	149,874
Commercial paper	—		24,899		—		24,899
Short-term marketable securities:
U.S. government treasuries	600,084		—		—		600,084
Corporate debt securities	—		62,469		—		62,469
Long-term marketable securities:
U.S. government treasuries	58,545		—		—		58,545
Corporate debt securities	—		39,777		—		39,777
Total	$	808,503	$	127,145	$	—	$	935,648

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	126,728	$	—	$	—	$	126,728
Short-term marketable securities:
U.S. government treasuries	629,400		—		—		629,400
Corporate debt securities	—		21,399		—		21,399
Commercial paper	—		6,572		—		6,572
Long-term marketable securities:
U.S. government treasuries	334,892		—		—		334,892
Corporate debt securities	—		24,481		—		24,481
Total	$	1,091,020	$	52,452	$	—	$	1,143,472

The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.

The Company did not transfer any assets or liabilities between the fair value measurement levels during the years ended December 31, 2025 or 2024.