Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of financial assets and liabilities measured at fair value on a recurring basis

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 value (in thousands):


	Fair Value Measurements as of March 31, 2026 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Commercial Paper	$	—	$	—	$	—	$	—
Money market funds	47,396		—		—		47,396
Marketable securities:
US treasury securities	60,714		—		—		60,714
Corporate debt securities and commercial paper	—		217,774		—		217,774
Derivative asset	—		—		850		850
Total	$	108,110	$	217,774	$	850	$	326,734


	Fair Value Measurements as of December 31, 2025 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	33,949	$	—	$	—	$	33,949
Marketable securities:
US treasury securities	71,877		—		—		71,877
Corporate debt securities and commercial paper	—		262,771		—		262,771
Derivative asset	—		—		1,180		1,180
Total	$	105,826	$	262,771	$	1,180	$	369,777

Schedule of estimated fair value of embedded derivative liabilities (assets)

The following tables set forth a summary of the changes in the estimated fair value of our embedded derivative liability (asset) (in thousands):


	Three months ended March 31,
	2026		2025
Beginning aggregate estimated fair value of Level 3 liability (asset)	$	(1,180)	$	(270)
Change in fair value of embedded derivative	330		80
Ending aggregate estimated fair value of Level 3 liability (asset)	$	(850)	$	(190)

Schedule of marketable securities

The following tables summarize the Company's marketable securities (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets
Corporate debt securities and commercial paper (due within 1 year)	$	217,812	$	66	$	(104)	$	217,774
U.S. Treasury Securities	60,620		102		(8)		60,714
	$	278,432	$	168	$	(112)	$	278,488


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Assets
Corporate debt securities and commercial paper (due within 1 year)	$	262,412	$	370	$	(11)	$	262,771
U.S. Treasury Securities	71,634		243		—		71,877
	$	334,046	$	613	$	(11)	$	334,648