Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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| Summary of Fair Value Hierarchy of Assets and Liabilities Measured on Recurring Basis |
The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):
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Fair Value Measurements at |
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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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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
47,947 |
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$ |
— |
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$ |
— |
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$ |
47,947 |
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Short-term investments: |
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U.S. Treasury bills |
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— |
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79,359 |
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— |
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79,359 |
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Government securities |
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— |
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248,398 |
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— |
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248,398 |
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Government agency securities |
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— |
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110,137 |
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— |
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110,137 |
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$ |
47,947 |
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$ |
437,894 |
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$ |
— |
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$ |
485,841 |
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Fair Value Measurements at |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
9,432 |
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$ |
— |
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$ |
— |
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$ |
9,432 |
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Short-term investments: |
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U.S. Treasury bills |
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— |
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28,723 |
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— |
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28,723 |
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Government securities |
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— |
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136,514 |
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— |
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136,514 |
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Government agency securities |
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— |
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83,238 |
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— |
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83,238 |
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$ |
9,432 |
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$ |
248,475 |
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$ |
— |
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$ |
257,907 |
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| Schedule of Short-Term Investments |
Short-term investments consisted of the following (in thousands):
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December 31, 2025 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair Value |
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Short-term investments: |
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U.S. Treasury bills |
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$ |
79,334 |
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$ |
25 |
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$ |
— |
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$ |
79,359 |
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Government securities |
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247,968 |
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430 |
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— |
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248,398 |
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Government agency securities |
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110,046 |
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91 |
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— |
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110,137 |
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$ |
437,348 |
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$ |
546 |
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$ |
— |
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$ |
437,894 |
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December 31, 2024 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Fair Value |
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Short-term investments: |
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U.S. Treasury bills |
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$ |
28,694 |
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$ |
30 |
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$ |
— |
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$ |
28,724 |
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Government securities |
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136,829 |
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— |
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(316 |
) |
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136,513 |
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Government agency securities |
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83,474 |
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— |
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(236 |
) |
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83,238 |
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$ |
248,997 |
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$ |
30 |
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$ |
(552 |
) |
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$ |
248,475 |
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| Summary of Contractual Maturities of Short-term Investments in Available-for-Sale Debt Securities |
The contractual maturities of the Company’s short-term investments in available-for-sale debt securities held were as follows (in thousands):
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December 31, |
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December 31, |
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2025 |
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2024 |
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Due within one year |
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$ |
243,613 |
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$ |
117,761 |
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Due between one and two years |
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194,281 |
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130,714 |
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$ |
437,894 |
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$ |
248,475 |
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| Series B Preferred Stock Tranche Right Liability |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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| Summary of Aggregate Fair Value Determined Using Level 3 Inputs |
The following table provides a roll-forward of the aggregate fair value of the Company’s Series B preferred stock tranche right liability during the year ended December 31, 2024, for which fair value is determined using Level 3 inputs (in thousands):
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Series B
Preferred
Stock Tranche
Right Liability |
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Balance as of December 31, 2023 |
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$ |
4,200 |
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Change in fair value of Series B preferred stock
tranche right liability |
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7,390 |
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Settlement of Series B preferred stock tranche right
liability upon waiver of milestone |
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(11,590 |
) |
Balance as of December 31, 2024 |
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$ |
— |
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