v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).
Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):
Fair Value Measurements Using
TotalQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
March 31, 2026:
Assets:
Cash equivalents (1)
$18,305 $18,305 $— $— 
U.S. Government agency securities48,694 48,694 — — 
Certificates of deposits1,409 — 1,409 — 
Corporate debt securities116,512 — 116,512 — 
Commercial paper49,410 — 49,410 — 
Yankee debt2,896 — 2,896 — 
Asset-backed securities7,249 — 7,249 — 
Total financial assets$244,475 $66,999 $177,476 $— 
December 31, 2025:
Assets:
Cash equivalents$75,051 $75,051 $— $— 
U.S. Government agency securities41,373 41,373 — — 
Certificates of deposits3,013 — 3,013 — 
Corporate debt securities81,698 — 81,698 — 
Commercial paper48,453 — 48,453 — 
Yankee debt4,465 — 4,465 — 
Asset-backed securities8,291 — 8,291 — 
Total financial assets$262,344 $116,424 $145,920 $— 
(1) Cash equivalents includes $17.9 million in short-term investments and $0.4 million in other cash equivalents.
The carrying amounts of the Company’s financial instruments, including cash, cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at March 31, 2026 and December 31, 2025 are money market funds with a carrying value and fair value of $9.0 million and $6.5 million, respectively, based upon a Level 1 fair value assessment.