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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities measured at fair value at each balance sheet date are as follows (in thousands):
June 30, 2025
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$109,037 $— $— $109,037 
Short-term marketable securities:
U.S. government treasuries720,131 — — 720,131 
Corporate debt securities— 37,614 — 37,614 
Long-term marketable securities:
U.S. government treasuries66,852 — — 66,852 
Corporate debt securities— 11,611 — 11,611 
Total$896,020 $49,225 $— $945,245 
December 31, 2024
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$126,728 $— $— $126,728 
Short-term marketable securities:
U.S. government treasuries629,400 — — 629,400 
Corporate debt securities— 21,399 — 21,399 
Commercial paper— 6,572 — 6,572 
Long-term marketable securities:
U.S. government treasuries334,892 — — 334,892 
Corporate debt securities— 24,481 — 24,481 
Total$1,091,020 $52,452 $— $1,143,472 

The Company’s Level 2 securities are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly.
The Company has not transferred any assets or liabilities between the fair value measurement levels for the six months ended June 30, 2025 or for the year ended December 31, 2024.