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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables present information about the Company’s financial instruments that are measured at fair value on a recurring basis:

 

 

September 30, 2025

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

26,987

 

 

$

26,987

 

 

$

—

 

Government and agency debt

 

 

3,984

 

 

 

—

 

 

 

3,984

 

Cash equivalents

 

 

30,971

 

 

 

26,987

 

 

 

3,984

 

Commercial paper

 

 

7,920

 

 

 

—

 

 

 

7,920

 

Corporate debt securities

 

 

253,679

 

 

 

—

 

 

 

253,679

 

Municipal securities

 

 

15,755

 

 

 

—

 

 

 

15,755

 

Government and agency debt

 

 

158,851

 

 

 

—

 

 

 

158,851

 

Marketable securities

 

 

436,205

 

 

 

—

 

 

 

436,205

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

5,097

 

 

 

—

 

 

 

5,097

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

263

 

 

 

—

 

 

 

263

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

11

 

 

 

—

 

 

 

11

 

Total financial assets

 

$

472,547

 

 

$

26,987

 

 

$

445,560

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

84

 

 

$

—

 

 

$

84

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

178

 

 

 

—

 

 

 

178

 

Total financial liabilities

 

$

262

 

 

$

—

 

 

$

262

 

 

 

 

 

December 31, 2024

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

19,218

 

 

$

19,218

 

 

$

—

 

Cash equivalents

 

 

19,218

 

 

 

19,218

 

 

 

—

 

Certificates of deposit

 

 

251

 

 

 

—

 

 

 

251

 

Commercial paper

 

 

7,342

 

 

 

—

 

 

 

7,342

 

Corporate debt securities

 

 

161,296

 

 

 

—

 

 

 

161,296

 

Municipal securities

 

 

17,414

 

 

 

—

 

 

 

17,414

 

Government and agency debt

 

 

180,312

 

 

 

—

 

 

 

180,312

 

Marketable securities

 

 

366,615

 

 

 

—

 

 

 

366,615

 

Foreign currency contracts designated as hedging instruments included in prepaid expenses and other current assets

 

 

846

 

 

 

—

 

 

 

846

 

Foreign currency contracts not designated as hedging instruments included in prepaid expenses and other current assets

 

 

4

 

 

 

—

 

 

 

4

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

12

 

 

 

—

 

 

 

12

 

Total financial assets

 

$

386,695

 

 

$

19,218

 

 

$

367,477

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

Foreign currency contracts designated as hedging instruments included in accrued expenses and other current liabilities

 

$

228

 

 

$

—

 

 

$

228

 

Foreign currency contracts not designated as hedging instruments included in accrued expenses and other current liabilities

 

 

83

 

 

 

—

 

 

83

 

Total financial liabilities

 

$

311

 

 

$

—

 

 

$

311

 

The Company classifies its money market fund within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its restricted deposits, certificates of deposit, commercial paper, corporate debt securities, municipal securities, government and agency debt, and derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. As of September 30, 2025 and December 31, 2024, the Company did not have any assets or liabilities valued based on Level 3 valuations.