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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):

 

 

Fair Value Measurements at March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

147,708

 

 

$

 

 

$

 

 

$

147,708

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

123,965

 

 

 

 

 

 

123,965

 

Corporate bonds

 

 

 

 

 

790,927

 

 

 

 

 

 

790,927

 

Government and agency securities

 

 

 

 

 

193,202

 

 

 

 

 

 

193,202

 

U.S. treasury bills

 

 

 

 

 

19,649

 

 

 

 

 

 

19,649

 

 

$

147,708

 

 

$

1,127,743

 

 

$

 

 

$

1,275,451

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Related party revenue share liability

 

$

 

 

$

 

 

$

75,730

 

 

$

75,730

 

 

 

 

Fair Value Measurements at December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

251,567

 

 

$

 

 

$

 

 

$

251,567

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

 

107,884

 

 

 

 

 

 

107,884

 

Corporate bonds

 

 

 

 

 

774,506

 

 

 

 

 

 

774,506

 

Government and agency securities

 

 

 

 

 

207,990

 

 

 

 

 

 

207,990

 

U.S. treasury bills

 

 

 

 

 

19,827

 

 

 

 

 

 

19,827

 

 

$

251,567

 

 

$

1,110,207

 

 

$

 

 

$

1,361,774

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Related party revenue share liability

 

$

 

 

$

 

 

$

73,160

 

 

$

73,160

 

Schedule of Estimated Fair Value of Company's Related Party Revenue Share Liability

The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the three months ended March 31, 2026, which represents a Level 3 measurement within the fair value hierarchy (in thousands):

Estimated fair value as of December 31, 2025

 

$

73,160

 

Change in fair value

 

 

2,570

 

Estimated fair value as of March 31, 2026

 

$

75,730