| Fair value measurements |
3. Fair value measurements Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, and 2024 are as follows: | | | | | | | | | | | | | | | | | | Quoted Prices | | Significant | | | | | | | | | in Active | | Other | | Significant | | | | | | Markets for | | Observable | | Unobservable | | | | | | Identical Assets | | Inputs | | Inputs | Assets | | Total | | (Level 1) | | (Level 2) | | (Level 3) | | | | (in thousands) | December 31, 2025 | | | | | | | | | | | | | Cash equivalents: | | | | | | | | | | | | | Money market funds | | $ | 51,161 | | $ | 51,161 | | $ | — | | $ | — | Commercial paper | | | 3,477 | | | — | | | 3,477 | | | — | Marketable securities: | | | | | | | | | | | | | U.S. Treasury notes | | | 72,805 | | | 72,805 | | | — | | | — | U.S. Government agency securities | | | 15,387 | | | 15,387 | | | — | | | — | Corporate bonds | | | 44,260 | | | — | | | 44,260 | | | — | Commercial paper | | | 3,939 | | | — | | | 3,939 | | | — | Total cash equivalents and marketable securities | | $ | 191,029 | | $ | 139,353 | | $ | 51,676 | | $ | — | December 31, 2024 | | | | | | | | | | | | | Money market funds included in cash and cash equivalents | | $ | 59,658 | | $ | 59,658 | | $ | — | | $ | — | Marketable securities: | | | | | | | | | | | | | U.S. Treasury notes | | | 125,783 | | | 125,783 | | | — | | | — | U.S. Government agency securities | | | 27,518 | | | 27,518 | | | — | | | — | Certificates of deposit | | | 4,286 | | | — | | | 4,286 | | | — | Corporate bonds | | | 94,976 | | | — | | | 94,976 | | | — | Commercial paper | | | 8,458 | | | — | | | 8,458 | | | — | Total cash equivalents and marketable securities | | $ | 320,679 | | $ | 212,959 | | $ | 107,720 | | $ | — |
The Company measures the fair value of money market funds, U.S. Treasury notes and U.S. Government agency securities based on quoted prices in active markets for identical securities. The Company measures the fair value of the Level 2 securities, corporate bonds, certificates of deposit, and commercial paper, based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
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