| Marketable Securities Consisted of Available-for-Sale Securities |
Marketable securities consisted of available-for-sale securities as follows (in thousands):
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|
|
|
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|
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As of December 31, 2025 |
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|
|
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|
|
|
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Estimated |
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|
|
Amortized |
|
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Unrealized |
|
|
Unrealized |
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|
Fair |
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|
|
Cost |
|
|
Gain |
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|
Loss |
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|
Value |
|
Short-term marketable securities: |
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|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
31,874 |
|
|
$ |
102 |
|
|
$ |
— |
|
|
$ |
31,976 |
|
U.S. Treasury securities |
|
|
33,296 |
|
|
|
123 |
|
|
|
— |
|
|
|
33,419 |
|
Total short-term marketable securities |
|
$ |
65,170 |
|
|
$ |
225 |
|
|
$ |
— |
|
|
$ |
65,395 |
|
Long-term marketable securities: |
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|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
50,341 |
|
|
$ |
177 |
|
|
$ |
— |
|
|
$ |
50,518 |
|
U.S. Treasury securities |
|
|
6,022 |
|
|
|
32 |
|
|
|
— |
|
|
|
6,054 |
|
U.S. government agency debt securities |
|
|
2,999 |
|
|
|
1 |
|
|
|
— |
|
|
|
3,000 |
|
Total long-term marketable securities |
|
$ |
59,362 |
|
|
$ |
210 |
|
|
$ |
— |
|
|
$ |
59,572 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
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|
|
|
|
|
|
|
Estimated |
|
|
|
Amortized |
|
|
Unrealized |
|
|
Unrealized |
|
|
Fair |
|
|
|
Cost |
|
|
Gain |
|
|
Loss |
|
|
Value |
|
Short-term marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
33,519 |
|
|
$ |
23 |
|
|
$ |
(5 |
) |
|
$ |
33,537 |
|
U.S. Treasury securities |
|
|
30,130 |
|
|
|
27 |
|
|
|
(4 |
) |
|
|
30,153 |
|
Total short-term marketable securities |
|
$ |
63,649 |
|
|
$ |
50 |
|
|
$ |
(9 |
) |
|
$ |
63,690 |
|
Long-term marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds |
|
$ |
33,982 |
|
|
$ |
16 |
|
|
$ |
(43 |
) |
|
$ |
33,955 |
|
U.S. Treasury securities |
|
|
24,146 |
|
|
|
23 |
|
|
|
(15 |
) |
|
|
24,154 |
|
U.S. government agency debt securities |
|
|
3,500 |
|
|
|
1 |
|
|
|
— |
|
|
|
3,501 |
|
Total long-term marketable securities |
|
$ |
61,628 |
|
|
$ |
40 |
|
|
$ |
(58 |
) |
|
$ |
61,610 |
|
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
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 (in thousands):
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|
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|
|
|
|
|
|
|
|
|
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|
Fair Value Measurements at December 31, 2025 Using: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
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Total |
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Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
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Money market funds |
|
$ |
35,320 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35,320 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
39,473 |
|
|
|
— |
|
|
|
— |
|
|
|
39,473 |
|
Corporate bonds |
|
|
— |
|
|
|
82,494 |
|
|
|
— |
|
|
|
82,494 |
|
U.S. government agency debt securities |
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
Total marketable securities |
|
|
39,473 |
|
|
|
85,494 |
|
|
|
— |
|
|
|
124,967 |
|
Total assets |
|
$ |
74,793 |
|
|
$ |
85,494 |
|
|
$ |
— |
|
|
$ |
160,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2024 Using: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
85,612 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
85,612 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
54,307 |
|
|
|
— |
|
|
|
— |
|
|
|
54,307 |
|
Corporate bonds |
|
|
— |
|
|
|
67,492 |
|
|
|
— |
|
|
|
67,492 |
|
U.S. government agency debt securities |
|
|
— |
|
|
|
3,501 |
|
|
|
— |
|
|
|
3,501 |
|
Total marketable securities |
|
|
54,307 |
|
|
|
70,993 |
|
|
|
— |
|
|
|
125,300 |
|
Total assets |
|
$ |
139,919 |
|
|
$ |
70,993 |
|
|
$ |
— |
|
|
$ |
210,912 |
|
|