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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Measurements |
Fair Value Measurements | 4. Fair Value Measurements The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value, as follows: Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | SEPTEMBER 30, | ​ | DECEMBER 31, | ​
​ |  | 2025 | ​ | 2024 |
​ |  | LEVEL 1 |  | LEVEL 2 |  | LEVEL 3 |  | TOTAL |  | LEVEL 1 |  | LEVEL 2 |  | LEVEL 3 |  | TOTAL |
Money market funds | ​ | $ | 85,462 | ​ | $ | — | ​ | $ | — | ​ | $ | 85,462 | ​ | $ | 161,328 | ​ | $ | — | ​ | $ | — | ​ | $ | 161,328 | ​
U.S. government bonds | ​ | ​ | 384,284 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 384,284 | ​ | ​ | 263,015 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 263,015 | ​
U.S. government agency bonds | ​ | ​ | — | ​ | ​ | 44,731 | ​ | ​ | — | ​ | ​ | 44,731 | ​ | ​ | — | ​ | ​ | 46,957 | ​ | ​ | — | ​ | ​ | 46,957 | ​
Corporate debt securities | ​ |  | — | ​ | ​ | 277,076 | ​ | ​ | — | ​ |  | 277,076 | ​ |  | — | ​ |  | 404,036 | ​ |  | — | ​ |  | 404,036 | ​
Total fair value of financial assets | ​ | $ | 469,746 | ​ | $ | 321,807 | ​ | $ | — | ​ | $ | 791,553 | ​ | $ | 424,343 | ​ | $ | 450,993 | ​ | $ | — | ​ | $ | 875,336 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | SEPTEMBER 30, | ​ | DECEMBER 31, | ​
​ |  | 2025 |  | 2024 |
​ |  | ​ | AMORTIZED |  | GROSS UNREALIZED |  | FAIR |  | ​ | AMORTIZED |  | GROSS UNREALIZED |  | FAIR |
​ |  | COST | ​ | LOSSES | ​ | GAINS |  | VALUE |  | COST | ​ | LOSSES | ​ | GAINS |  | VALUE |
Money market funds | ​ | $ | 85,462 | ​ | $ | — | ​ | $ | — | ​ | $ | 85,462 | ​ | $ | 161,328 | ​ | $ | — | ​ | $ | — | ​ | $ | 161,328 | ​
U.S. government bonds | ​ | ​ | 383,648 | ​ | ​ | (30) | ​ | ​ | 666 | ​ | ​ | 384,284 | ​ | ​ | 262,316 | ​ | ​ | (48) | ​ | ​ | 747 | ​ | ​ | 263,015 | ​
U.S. government agency bonds | ​ | ​ | 44,706 | ​ | ​ | (1) | ​ | ​ | 26 | ​ | ​ | 44,731 | ​ | ​ | 46,890 | ​ | ​ | (11) | ​ | ​ | 78 | ​ | ​ | 46,957 | ​
Corporate debt securities | ​ |  | 276,912 | ​ | ​ | (90) | ​ | ​ | 254 | ​ |  | 277,076 | ​ |  | 403,888 | ​ | ​ | (368) | ​ | ​ | 516 | ​ |  | 404,036 | ​
Total fair value of financial assets | ​ | $ | 790,728 | ​ | $ | (121) | ​ | $ | 946 | ​ | $ | 791,553 | ​ | $ | 874,422 | ​ | $ | (427) | ​ | $ | 1,341 | ​ | $ | 875,336 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of September 30, 2025 and December 31, 2024, the Company did not have any liabilities measured at fair value on a recurring basis. There were no transfers in and out of Level 3 during the three and nine months ended September 30, 2025 and 2024. The Company classifies its short-term investments as available-for-sale and records them at fair value based upon market prices at period end. Contractual maturities of short-term investments are generally not more than one year. As of September 30, 2025, the remaining contractual maturities of $549.7 million of investments were within one year and $146.4 million of investments were after one year through two years. The Company has classified these securities as short-term investments on its condensed balance sheets as they are available for use in the current operations. The unrealized losses for marketable securities related to changes in interest rates and the Company has the intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. No allowance for credit losses was recorded at either September 30, 2025 or December 31, 2024, and no impairment losses were recognized for the three and nine months ended September 30, 2025 and 2024.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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