v3.26.1
Fair Value Measurements
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
3.
Fair value measurements

The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. Refer to Note 11, Loan and security agreement, regarding the Company’s methodology of measuring the fair value of the credit line success fee derivative.

 

 

Fair value measurements

 

 

(in thousands)

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

54,154

 

 

$

54,154

 

 

$

 

 

$

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

139,453

 

 

 

 

 

 

139,453

 

 

 

 

U.S. government agency securities

 

 

23,476

 

 

 

 

 

 

23,476

 

 

 

 

Commercial paper

 

 

5,876

 

 

 

 

 

 

5,876

 

 

 

 

Corporate debt securities

 

 

1,979

 

 

 

 

 

 

1,979

 

 

 

 

Restricted cash

 

 

1,088

 

 

 

1,088

 

 

 

 

 

 

 

Total assets measured at fair value

 

$

226,026

 

 

$

55,242

 

 

$

170,784

 

 

$

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

40,777

 

 

$

40,777

 

 

$

 

 

$

 

Restricted cash

 

 

1,088

 

 

 

1,088

 

 

 

 

 

 

 

Total assets measured at fair value

 

$

41,865

 

 

$

41,865

 

 

$

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Credit line success fee derivative

 

$

500

 

 

$

 

 

$

 

 

$

500

 

Total liabilities measured at fair value

 

$

500

 

 

$

 

 

$

 

 

$

500

 

 

There were no transfers between Level 1, 2, or 3 during the years ended December 31, 2025 and 2024.