| Fair Value of Financial Instruments |
7. Fair Value of Financial Instruments The following table provides a summary of financial assets measured at fair value on a recurring basis:
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Fair Value at |
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Description |
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December 31,
2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Recurring Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
50,247 |
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$ |
50,247 |
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$ |
— |
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$ |
— |
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Short-term investments: |
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U.S. treasury securities |
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274,152 |
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274,152 |
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— |
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— |
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Certificate of deposit |
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6,121 |
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6,121 |
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— |
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— |
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U.S. government agency securities |
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7,521 |
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— |
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7,521 |
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— |
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Corporate debt securities |
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61,100 |
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— |
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61,100 |
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— |
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Commercial paper |
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4,314 |
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— |
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4,314 |
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— |
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Long-term investments: |
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U.S. treasury securities |
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71,918 |
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71,918 |
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— |
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— |
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U.S. government agency securities |
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9,542 |
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— |
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9,542 |
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— |
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Corporate debt securities |
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28,675 |
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— |
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28,675 |
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— |
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Other assets and restricted cash: |
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Investment in former related party |
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656 |
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656 |
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— |
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— |
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Total assets measured at fair value |
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$ |
514,246 |
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$ |
403,094 |
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$ |
111,152 |
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$ |
— |
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Fair Value at |
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December 31, |
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Description |
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2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Recurring Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
19,742 |
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$ |
19,742 |
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$ |
— |
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$ |
— |
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Corporate debt securities |
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2,204 |
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— |
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2,204 |
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— |
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Short-term investments: |
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U.S. treasury securities |
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186,552 |
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186,552 |
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— |
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— |
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U.S. government agency securities |
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3,928 |
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— |
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3,928 |
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— |
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Corporate debt securities |
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61,969 |
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— |
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61,969 |
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— |
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Long-term investments: |
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U.S. treasury securities |
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70,850 |
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70,850 |
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— |
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— |
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U.S. government agency securities |
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3,015 |
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— |
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3,015 |
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— |
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Corporate debt securities |
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7,863 |
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— |
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7,863 |
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— |
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Other assets and restricted cash: |
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Investment in former related party |
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148 |
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148 |
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— |
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— |
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Total assets measured at fair value |
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$ |
356,271 |
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$ |
277,292 |
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$ |
78,979 |
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$ |
— |
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There were no transfers between levels for the years ended December 31, 2025 or 2024. The weighted-average maturity of the securities held at December 31, 2025 was less than 12 months. As of December 31, 2024, marketable securities within the corporate debt securities line item included both commercial paper and corporate debt securities. Commercial paper held at December 31, 2024 was classified as short-term securities and classified within Level 2 of the fair value hierarchy.
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