v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

87,584

 

 

$

—

 

 

$

—

 

 

$

87,584

 

Marketable Securities

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury obligations

 

 

—

 

 

 

59,845

 

 

 

—

 

 

 

59,845

 

Asset-backed securities

 

 

—

 

 

 

43,237

 

 

 

—

 

 

 

43,237

 

Commercial paper

 

 

—

 

 

 

9,422

 

 

 

—

 

 

 

9,422

 

Corporate bonds

 

 

—

 

 

 

93,613

 

 

 

—

 

 

 

93,613

 

Total

 

$

87,584

 

 

$

206,117

 

 

$

—

 

 

$

293,701

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

60,984

 

 

$

—

 

 

$

—

 

 

$

60,984

 

Marketable Securities

 

 

 

 

 

 

 

 

 

 

 

 

US Treasury obligations

 

 

—

 

 

 

109,036

 

 

 

—

 

 

 

109,036

 

US Government agency securities

 

 

—

 

 

 

25,094

 

 

 

—

 

 

 

25,094

 

Asset-backed securities

 

 

—

 

 

 

60,071

 

 

 

—

 

 

 

60,071

 

Commercial paper

 

 

—

 

 

 

21,857

 

 

 

—

 

 

 

21,857

 

Corporate bonds

 

 

—

 

 

 

173,967

 

 

 

—

 

 

 

173,967

 

Total

 

$

60,984

 

 

$

390,025

 

 

$

—

 

 

$

451,009

 

 

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market accounts which invest in money market funds that are publicly traded mutual funds and are presented as cash equivalents on the consolidated balance sheets as of December 31, 2025 and 2024.

There were no transfers among Level 1, Level 2 or Level 3 categories in the years ended December 31, 2025 and 2024.