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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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:

 

 

March 31, 2026

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

23,828

 

 

$

23,828

 

 

$

—

 

Cash equivalents

 

 

23,828

 

 

 

23,828

 

 

 

—

 

Certificates of deposit

 

 

1,760

 

 

 

—

 

 

 

1,760

 

Commercial paper

 

 

19,209

 

 

 

—

 

 

 

19,209

 

Corporate debt securities

 

 

288,856

 

 

 

—

 

 

 

288,856

 

Municipal securities

 

 

36,138

 

 

 

—

 

 

 

36,138

 

Government and agency debt

 

 

180,927

 

 

 

—

 

 

 

180,927

 

Marketable securities

 

 

526,890

 

 

 

—

 

 

 

526,890

 

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

 

 

3,017

 

 

 

—

 

 

 

3,017

 

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

 

 

49

 

 

 

—

 

 

 

49

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

11

 

 

 

—

 

 

 

11

 

Total financial assets

 

$

553,795

 

 

$

23,828

 

 

$

529,967

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

367

 

 

$

—

 

 

$

367

 

Total financial liabilities

 

$

367

 

 

$

—

 

 

$

367

 

 

 

 

December 31, 2025

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

26,407

 

 

$

26,407

 

 

$

—

 

Cash equivalents

 

 

26,407

 

 

 

26,407

 

 

 

—

 

Certificates of deposit

 

 

1,503

 

 

 

—

 

 

 

1,503

 

Commercial paper

 

 

11,763

 

 

 

—

 

 

 

11,763

 

Corporate debt securities

 

 

276,036

 

 

 

—

 

 

 

276,036

 

Municipal securities

 

 

29,493

 

 

 

—

 

 

 

29,493

 

Government and agency debt

 

 

162,301

 

 

 

—

 

 

 

162,301

 

Marketable securities

 

 

481,096

 

 

 

—

 

 

 

481,096

 

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

 

 

5,170

 

 

 

—

 

 

 

5,170

 

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

 

 

448

 

 

 

—

 

 

 

448

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

11

 

 

 

—

 

 

 

11

 

Total financial assets

 

$

513,132

 

 

$

26,407

 

 

$

486,725

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

9

 

 

$

—

 

 

$

9

 

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

 

 

217

 

 

 

—

 

 

 

217

 

Total financial liabilities

 

$

226

 

 

$

—

 

 

$

226

 

The Company classifies its money market funds 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 March 31, 2026 and December 31, 2025, the Company did not have any assets or liabilities valued based on Level 3 valuations.