v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company’s financial instruments consist primarily of cash, cash equivalents, marketable securities, accounts receivable and accounts payable. The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these instruments. Cash equivalents include amounts held in money market accounts that are measured at fair value using observable market prices. Marketable securities include debt securities that are measured at fair value using observable inputs.

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs that are supported by little or no market activity.

The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of March 31, 2026 and December 31, 2025 and indicate the fair value hierarchy of the valuation:
Fair Value at Reporting Date Using
(in thousands)March 31, 2026Level 1Level 2Level 3
Assets:
  Cash equivalents(1)
$29,062 $29,062 $— $— 
Marketable securities:
  Corporate bonds10,124 — 10,124 — 
  Commercial paper4,947 — 4,947 — 
  U.S. Treasury debt securities22,163 22,163 — — 
Total marketable securities37,234 22,163 15,071 — 
    Total assets$66,296 $51,225 $15,071 $— 
(1) Includes insured cash sweep account, cash sweep account, money market account and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date.

Fair Value at Reporting Date Using
(in thousands)December 31, 2025Level 1Level 2Level 3
Assets:
  Cash equivalents(1)
$51,426 $51,426 $— $— 
Marketable securities:
  Corporate bonds9,732 — 9,732 — 
  Commercial paper995 — 995 — 
  U.S. Treasury debt securities23,905 23,905 — — 
International debt securities1,003 — 1,003 — 
Total marketable securities35,635 23,905 11,730 — 
   Total assets$87,061 $75,331 $11,730 $— 
(1) Includes insured cash sweep account, cash sweep account, money market account and money market funds that have investments primarily in U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements, U.S. Government Agency Repurchase Agreements, and corporate bonds that have a maturity of three months or less from the original acquisition date.