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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
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, 2026
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$148,024 $— $— $148,024 
Short-term marketable securities:
U.S. government treasuries408,829 — — 408,829 
Corporate debt securities— 100,112 — 100,112 
Long-term marketable securities:
U.S. government treasuries163,401 — — 163,401 
Corporate debt securities— 66,133 — 66,133 
Total$720,254 $166,245 $— $886,499 
December 31, 2025
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$149,874 $— $— $149,874 
Commercial paper— 24,899 — 24,899 
Short-term marketable securities:
U.S. government treasuries600,084 — — 600,084 
Corporate debt securities— 62,469 — 62,469 
Long-term marketable securities:
U.S. government treasuries58,545 — — 58,545 
Corporate debt securities— 39,777 — 39,777 
Total$808,503 $127,145 $— $935,648 

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, 2026 or for the year ended December 31, 2025.