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Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables set forth the fair values of financial assets as of June 30, 2026 and December 31, 2025 that were measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

129,963

 

 

$

—

 

 

$

—

 

 

$

129,963

 

Commercial paper

 

 

—

 

 

 

25,956

 

 

 

—

 

 

 

25,956

 

U.S. government treasury and agency securities

 

 

—

 

 

 

157,989

 

 

 

—

 

 

 

157,989

 

Corporate bonds

 

 

—

 

 

 

20,405

 

 

 

—

 

 

 

20,405

 

Total financial assets

 

$

129,963

 

 

$

204,350

 

 

$

—

 

 

$

334,313

 

 

 

 

December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

28,489

 

 

$

—

 

 

$

—

 

 

$

28,489

 

Commercial paper

 

 

—

 

 

 

9,932

 

 

 

—

 

 

 

9,932

 

U.S. government treasury and agency securities

 

 

—

 

 

 

125,605

 

 

 

—

 

 

 

125,605

 

Corporate bonds

 

 

—

 

 

 

34,182

 

 

 

—

 

 

 

34,182

 

Total financial assets

 

$

28,489

 

 

$

169,719

 

 

$

—

 

 

$

198,208

 

 

Level 1 securities include highly liquid money market funds, for which we measure the fair value based on quoted prices in active markets for identical assets or liabilities. Level 2 securities consist of United States (“U.S.”) government treasury and agency securities, commercial paper and corporate bonds, and are valued based on recent trades of securities in inactive markets or on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Of the June 30, 2026 Level 2 commercial paper balance, $2.5 million is recorded as cash and cash equivalents on our unaudited condensed consolidated balance sheet.

Refer to Note 8, Convertible Senior Notes and Capped Call Transactions for information regarding the fair value of our convertible senior notes.