FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

FINANCIAL INSTRUMENTS

5. FINANCIAL INSTRUMENTS

The following table summarizes the Company’s financial assets with maturities of less than three months at the date of acquisition included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of September 30, 2026		As of December 31, 2025
	(in thousands)
Money market funds	$	194,009	$	474,914
Government and government agency bonds		21,914		89,914
Total	$	215,923	$	564,828

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of September 30, 2026 and December 31, 2025 was approximately eight and three months, respectively. All of the Company's non-current investments as of September 30, 2026 and December 31, 2025 had maturities between one and two years.

The following tables summarize the Company’s financial instruments for each of the periods indicated:

	As of September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
	(in thousands)
Cash and money market funds	$	450,847	$	—	$	—		$	450,847
Government and government agency bonds		295,847		—		(1,235	)		294,612
Certificates of deposit		142,898		—		—			142,898
Corporate bonds		92,664		75		(548	)		92,191
Commercial paper		4,538		—		—			4,538
Bank time deposits		2,505		—		—			2,505
Total cash, cash equivalents and investments	$	989,299	$	75	$	(1,783	)	$	987,591
As reported:
Cash and cash equivalents	$	472,761	$	—	$	(1	)	$	472,760
Short-term investments		406,848		75		(907	)		406,016
Non-current investments		109,690		—		(875	)		108,815
Total cash, cash equivalents and investments	$	989,299	$	75	$	(1,783	)	$	987,591

	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
	(in thousands)
Cash and money market funds	$	711,368	$	—	$	—	$	711,368
Government and government agency bonds		179,615		150		—		179,765
Corporate bonds		42,527		56		—		42,583
Commercial paper		3,614		—		—		3,614
Certificates of deposit		3,368		—		—		3,368
Total cash, cash equivalents and investments	$	940,492	$	206	$	—	$	940,698
As reported:
Cash and cash equivalents	$	801,269	$	13	$	—	$	801,282
Short-term investments		138,175		193		—		138,368
Non-current investments		1,048		—		—		1,048
Total cash, cash equivalents and investments	$	940,492	$	206	$	—	$	940,698