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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule Financial Instruments Measured at Fair Value Hierarchy
The following table presents financial instruments measured at fair value on a recurring basis based on the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):
March 31,December 31,
20262025
Level 1
Assets
Cash equivalents
Money market funds$111,629 $161,943 
Schedule of Held-to-Maturity U.S. Treasury Bills The following table presents information about the Company’s investments in held-to-maturity U.S. Treasury bills as of each reported date (in thousands):
As of March 31, 2026
Balance Sheet LocationOriginal MaturitiesAmortized
Cost
Estimated
Fair Value
Investmentsbetween 3 and 12 months$533,281 $533,211 
As of December 31, 2025
Balance Sheet LocationOriginal MaturitiesAmortized
Cost
Estimated
Fair Value
Cash and cash equivalentsless than 3 months$9,948 $9,948 
Investmentsbetween 3 and 12 months483,714 483,891 
Total$493,662 $493,839