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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value by Balance Sheet Grouping

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