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Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

6. Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of March 31, 2026 (in thousands):

 

 

 

 

 

 

Fair Value Measurements At Reporting Date Using

 

 

 

Total

 

 

Quoted Prices in Active Markets For Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

228,383

 

 

$

228,383

 

 

$

—

 

 

$

—

 

Cash equivalents—U.S. treasury securities

 

 

11,976

 

 

 

—

 

 

 

11,976

 

 

 

—

 

Short-term investments—U.S. treasury securities

 

 

185,806

 

 

 

—

 

 

 

185,806

 

 

 

—

 

Short-term investments—equity securities

 

 

3,598

 

 

 

3,598

 

 

 

—

 

 

 

—

 

Long-term investments—convertible notes

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

5,000

 

Long-term investments—U.S. treasury securities

 

 

66,357

 

 

 

—

 

 

 

66,357

 

 

 

—

 

Total assets measured at fair value

 

$

501,120

 

 

$

231,981

 

 

$

264,139

 

 

$

5,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2025 (in thousands):

 

 

 

 

 

 

Fair Value Measurements At Reporting Date Using

 

 

 

Total

 

 

Quoted Prices in Active Markets For Identical Assets (Level 1)

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

77,615

 

 

$

77,615

 

 

$

—

 

 

$

—

 

Cash equivalents—U.S. treasury securities

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Short-term investments—U.S. treasury securities

 

 

60,457

 

 

 

—

 

 

 

60,457

 

 

 

—

 

Short-term investments—equity securities

 

 

6,255

 

 

 

6,255

 

 

 

—

 

 

 

—

 

Long-term investments—convertible notes

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

5,000

 

Long-term investments—U.S. treasury securities

 

 

20,701

 

 

 

—

 

 

 

20,701

 

 

 

—

 

Total assets measured at fair value

 

$

170,028

 

 

$

83,870

 

 

$

81,158

 

 

$

5,000

 

 

There were no transfers within the hierarchy and no changes in the valuation techniques used during the three months ended March 31, 2026.

The following table summarizes available-for-sale securities (in thousands):

 

 

 

 

 

 

 

 

As of March 31, 2026

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

 

 

$

228,383

 

 

$

—

 

 

$

—

 

 

 

228,383

 

Cash equivalents—U.S. treasury securities

 

 

 

 

11,976

 

 

 

—

 

 

 

—

 

 

 

11,976

 

Short-term investments—U.S. treasury securities

 

1 or less

 

 

185,930

 

 

 

18

 

 

 

(142

)

 

 

185,806

 

Short-term investments—equity securities

 

1 or less

 

 

7,696

 

 

 

—

 

 

 

(4,098

)

 

 

3,598

 

Long-term investments—convertible notes

 

1 - 2

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

5,000

 

Long-term investments—U.S. treasury securities

 

1 - 2

 

 

66,477

 

 

 

2

 

 

 

(122

)

 

 

66,357

 

Total assets measured at fair value

 

 

 

$

505,462

 

 

$

20

 

 

$

(4,362

)

 

$

501,120

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

Maturity (in years)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

 

 

$

77,610

 

 

$

5

 

 

$

—

 

 

 

77,615

 

Cash equivalents—U.S. treasury securities

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Short-term investments—U.S. treasury securities

 

1 or less

 

 

60,360

 

 

 

97

 

 

 

—

 

 

 

60,457

 

Short-term investments—equity securities

 

1 or less

 

 

6,857

 

 

 

17

 

 

 

(619

)

 

 

6,255

 

Long-term investments—convertible notes

 

1 - 2

 

 

5,000

 

 

 

—

 

 

 

—

 

 

 

5,000

 

Long-term investments—U.S. treasury securities

 

1 - 2

 

 

20,689

 

 

 

12

 

 

 

—

 

 

 

20,701

 

Total assets measured at fair value

 

 

 

$

170,516

 

 

$

131

 

 

$

(619

)

 

$

170,028

 

 

As of March 31, 2026, none of the available-for-sale securities held have been in an unrealized loss position for greater than 12 months. The Company does not intend to sell these investments, and it is not likely that the Company will be required to sell these investments before recovery of their amortized cost basis. No allowance for credit losses was recorded.