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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The Company categorizes financial assets measured at fair value based on a fair value hierarchy. The following fair value hierarchy is used to classify financial assets based on observable inputs and unobservable inputs used to value the financial assets:
•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets;
•Level 2: Quoted prices for similar assets in active markets, quoted prices in markets that are not active, or inputs which are unobservable, either directly or indirectly, for substantially the full term of the asset; or
•Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation of the asset and unobservable.
The following table presents 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 as of March 31, 2026 and December 31, 2025 (in thousands):
As of March 31, 2026
Level 1Level 2Level 3Total
Assets:
Money market funds$245,659 $— $— $245,659 
Debt securities issued by U.S. government agencies257,298 — — 257,298 
Corporate debt securities— 311,106 — 311,106 
Asset backed securities— 88,388 — 88,388 
Commercial paper— 6,537 — 6,537 
Other debt securities— 248,141 — 248,141 
$502,957 $654,172 $— $1,157,129 

As of December 31, 2025
Level 1Level 2Level 3Total
Assets:
Money market funds$195,296 $— $— $195,296 
Debt securities issued by U.S. government agencies190,999 — — 190,999 
Corporate debt securities— 198,318 — 198,318 
Asset backed securities— 61,352 — 61,352 
Commercial paper— 7,718 — 7,718 
Other debt securities— 117,374 — 117,374 
$386,295 $384,762 $— $771,057