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

5. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands):

 

 

 

Fair Value Measurements at December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

207,585

 

 

$

—

 

 

$

—

 

 

$

207,585

 

Total cash equivalents

 

 

207,585

 

 

 

—

 

 

 

—

 

 

 

207,585

 

Cash

 

 

2,277

 

 

 

—

 

 

 

—

 

 

 

2,277

 

Total cash and cash equivalents

 

$

209,862

 

 

$

—

 

 

$

—

 

 

$

209,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

166,464

 

 

$

—

 

 

$

—

 

 

$

166,464

 

Total cash equivalents

 

 

166,464

 

 

 

—

 

 

 

—

 

 

 

166,464

 

Cash

 

 

1,610

 

 

 

—

 

 

 

—

 

 

 

1,610

 

Total cash and cash equivalents

 

$

168,074

 

 

$

—

 

 

$

—

 

 

$

168,074

 

 

As of December 31, 2025 and 2024, the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs. See Note 15.

As discussed in Note 8, the Company entered into a sublease agreement during the first quarter of 2025, which led to an impairment of the related right-of-use asset. Estimated fair value of the right-of-use asset was based on expected sublease rental income, considering current sublease market conditions, discounted at a market rate of return on similar assets. The estimates and assumptions used are considered Level 3 inputs.

There were no transfers of assets or liabilities between the fair value measurement levels during the years ended December 31, 2025 and 2024.