Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	MARCH 31,								DECEMBER 31,
	2026								2025
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	310,558	$	—	$	—	$	310,558	$	795,089	$	—	$	—	$	795,089
U.S. government bonds		675,123		—		—		675,123		385,392		—		—		385,392
U.S. government agency bonds		—		34,599		—		34,599		—		24,941		—		24,941
Corporate debt securities		—		432,614		—		432,614		—		236,241		—		236,241
Total fair value of financial assets	$	985,681	$	467,213	$	—	$	1,452,894	$	1,180,481	$	261,182	$	—	$	1,441,663

	MARCH 31,								DECEMBER 31,
	2026								2025
		AMORTIZED	GROSS UNREALIZED				FAIR			AMORTIZED	GROSS UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	310,558	$	—	$	—	$	310,558	$	795,089	$	—	$	—	$	795,089
U.S. government bonds		676,315		(1,410)		218		675,123		384,571		(1)		822		385,392
U.S. government agency bonds		34,701		(102)		—		34,599		24,922		—		19		24,941
Corporate debt securities		433,515		(946)		45		432,614		236,027		(16)		230		236,241
Total fair value of financial assets	$	1,455,089	$	(2,458)	$	263	$	1,452,894	$	1,440,609	$	(17)	$	1,071	$	1,441,663