| Fair Value Measurements |
Fair Value Measurements 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Aggregate estimated fair value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | | | | Assets classified as cash equivalents: | | | | | Money market funds | $ | 71,191 | | | $ | 71,191 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | United Kingdom Government Securities | 301 | | | — | | | 301 | | | — | | | | | | | | | | | | | | | | | | | Corporate debt securities | 1,753 | | | — | | | 1,753 | | | — | | | | | | | $ | 73,245 | | | $ | 71,191 | | | $ | 2,054 | | | $ | — | | | | | | | | | | | | | | | | | | Assets classified as marketable securities: available-for-sale debt securities | | | | | Commercial paper | $ | 52,589 | | | $ | — | | | $ | 52,589 | | | $ | — | | | | | | Corporate debt securities | 58,299 | | | — | | | 58,299 | | | — | | | | | | United Kingdom Government Securities | 66,175 | | | — | | | 66,175 | | | — | | | | | | United States Treasury Bills | 19,515 | | | 19,515 | | | — | | | — | | | | | | | $ | 196,578 | | | $ | 19,515 | | | $ | 177,063 | | | $ | — | | | | | | | $ | 269,823 | | | $ | 90,706 | | | $ | 179,117 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Aggregate estimated fair value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Assets classified as cash equivalents: | | | | | | | | Money market funds | $ | 113,447 | | | $ | 113,447 | | | $ | — | | | $ | — | | Commercial paper | 14,301 | | | — | | | 14,301 | | | — | | | United Kingdom Government Securities | 84,255 | | | — | | | 84,255 | | | — | | | | | | | | | | United States Treasury Bills | 7,989 | | | 7,989 | | | — | | | — | | | $ | 219,992 | | | $ | 121,436 | | | $ | 98,556 | | | $ | — | | | | | | | | | | Assets classified as marketable securities: available-for-sale debt securities | Commercial paper | $ | 21,141 | | | $ | — | | | $ | 21,141 | | | $ | — | | Corporate debt securities | 151,124 | | | — | | | 151,124 | | | — | | | United Kingdom Government Securities | 141,307 | | | — | | | 141,307 | | | — | | | | | | | | | | | United States Treasury Bills | 47,071 | | | 47,071 | | | — | | | — | | | $ | 360,643 | | | $ | 47,071 | | | $ | 313,572 | | | $ | — | | | $ | 580,635 | | | $ | 168,507 | | | $ | 412,128 | | | $ | — | |
The Company estimates the fair value of available-for-sale debt securities using actual trade and indicative prices sourced from third-party providers on a daily basis to estimate the fair value. If observed market prices are not available (for example securities with short maturities and infrequent secondary market trades), the securities are priced using a valuation model maximizing observable inputs, including market interest rates. As of December 31, 2025 and 2024, the Company did not have non-financial assets measured at fair value on a recurring basis. During the years ended December 31, 2025 and 2024, there were no transfers between levels.
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