v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
5. FAIR VALUE MEASUREMENTS
The following tables present information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value: 
(In thousands)As of December 31,
2025		Quoted Prices in Active Markets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial assets
Cash equivalents:
Money market funds$140,445 $140,445 $— $— 
U.S. treasury securities18,952 — 18,952 — 
U.S. government-sponsored enterprise securities2,690 — 2,690 — 
Commercial paper1,995 — 1,995 — 
Marketable debt securities:
U.S. treasury securities653,341 — 653,341 — 
Corporate notes333,241 — 333,241 — 
U.S. government-sponsored enterprise securities252,634 — 252,634 — 
Commercial paper7,017 — 7,017 — 
Municipal securities5,001 — 5,001 — 
Restricted cash (money market funds)917 917 — — 
Total financial assets$1,416,233 $141,362 $1,274,871 $— 
(In thousands)As of December 31,
2024		Quoted Prices in Active Markets
(Level 1)		Significant Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial assets
Cash equivalents:
Money market funds$190,779 $190,779 $— $— 
U.S. treasury securities36,428 — 36,428 — 
Commercial paper22,709 — 22,709 — 
U.S. government-sponsored enterprise securities9,952 — 9,952 — 
Marketable debt securities:
U.S. treasury securities921,627 — 921,627 — 
U.S. government-sponsored enterprise securities396,143 — 396,143 — 
Corporate notes361,739 — 361,739 — 
Commercial paper35,408 — 35,408 — 
Municipal securities
5,003 — 5,003 — 
Marketable equity securities8,156 8,156 — — 
Restricted cash (money market funds)910 910 — — 
Total financial assets$1,988,854 $199,845 $1,789,009 $— 
Financial liabilities
Development derivative liability$486,919 $— $— $486,919 
For the years ended December 31, 2025 and 2024, there were no transfers between Level 1 and Level 2 financial assets or liabilities. The carrying amounts reflected on our consolidated balance sheets for cash, accounts receivable, net, other current assets, accounts payable and accrued expenses approximate fair value due to their short-term maturities.