v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Fair Value Measurements

Note 4. Fair Value Measurements

Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes quoted market prices, broker or dealer quotations, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.

The following tables present the fair value of the Company’s financial assets determined using the inputs defined above (in thousands):

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March 31, 2026

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  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

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​

​

​

​

​

​

​

​

​

​

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Money market funds

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$

91,204

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$

—

​

$

—

 

$

91,204

Certificates of deposit

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—

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​

12,863

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—

 

 

12,863

U.S. Treasury and agency securities

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​

—

​

​

309,426

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​

—

​

​

309,426

Commercial paper

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—

​

​

111,330

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—

 

 

111,330

Corporate debt securities

​

​

—

​

​

79,157

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​

—

​

​

79,157

Total financial assets

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$

91,204

​

$

512,776

  ​

$

—

 

$

603,980

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​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

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  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

40,774

​

$

—

​

$

—

 

$

40,774

Certificates of deposit

​

 

—

​

​

11,391

​

 

—

 

 

11,391

U.S. Treasury and agency securities

​

​

—

​

​

348,948

​

​

—

​

​

348,948

Commercial paper

​

 

—

​

 

77,865

​

 

—

 

 

77,865

Corporate debt securities

​

 

—

​

 

159,211

  ​

 

—

 

 

159,211

Total financial assets

​

$

40,774

​

$

597,415

  ​

$

—

 

$

638,189

​

The Company’s certificates of deposit, U.S. Treasury and agency securities, including U.S. Treasury bills, commercial paper and corporate debt securities are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques, for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets.

The carrying amount of the Company’s remaining financial assets and liabilities, including cash, receivables and payables, approximates their fair value due to their short-term nature.