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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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:

 

 

June 30, 2026

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

 

(in thousands)

 

Financial Assets:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

27,316

 

 

$

27,316

 

 

$

—

 

Government and agency debt

 

 

7,475

 

 

 

—

 

 

 

7,475

 

Cash equivalents

 

 

34,791

 

 

 

27,316

 

 

 

7,475

 

Certificates of deposit

 

 

1,744

 

 

 

 

 

 

1,744

 

Commercial paper

 

 

20,192

 

 

 

—

 

 

 

20,192

 

Corporate debt securities

 

 

307,557

 

 

 

—

 

 

 

307,557

 

Municipal securities

 

 

33,831

 

 

 

—

 

 

 

33,831

 

Government and agency debt

 

 

191,034

 

 

 

—

 

 

 

191,034

 

Marketable securities

 

 

554,358

 

 

 

—

 

 

 

554,358

 

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

 

 

3,342

 

 

 

—

 

 

 

3,342

 

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

 

 

116

 

 

 

—

 

 

 

116

 

Restricted bank deposits included in prepaid expenses and other current assets

 

 

11

 

 

 

—

 

 

 

11

 

Total financial assets

 

$

592,618

 

 

$

27,316

 

 

$

565,302

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

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

 

$

658

 

 

$

—

 

 

$

658

 

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

 

 

1,140

 

 

 

—

 

 

 

1,140

 

Total financial liabilities

 

$

1,798

 

 

$

—

 

 

$

1,798

 

 

 

 

 

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