| Financial Assets Measured at Fair Value on Recurring Basis |
The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
|
Fair Value
Hierarchy
Level |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Level 1 |
|
$ |
24,285 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,285 |
|
U.S. Treasury securities |
|
Level 1 |
|
|
4,980 |
|
|
|
— |
|
|
|
— |
|
|
|
4,980 |
|
Corporate debt securities |
|
Level 2 |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
Level 1 |
|
|
27,551 |
|
|
|
3 |
|
|
|
(22 |
) |
|
|
27,532 |
|
Corporate debt securities |
|
Level 2 |
|
|
68,919 |
|
|
|
2 |
|
|
|
(143 |
) |
|
|
68,778 |
|
Commercial paper |
|
Level 2 |
|
|
11,748 |
|
|
|
— |
|
|
|
(18 |
) |
|
|
11,730 |
|
Long-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
Level 1 |
|
|
7,004 |
|
|
|
1 |
|
|
|
(10 |
) |
|
|
6,995 |
|
Corporate debt securities |
|
Level 2 |
|
|
21,846 |
|
|
|
— |
|
|
|
(58 |
) |
|
|
21,788 |
|
Total |
|
|
|
$ |
167,333 |
|
|
$ |
6 |
|
|
$ |
(251 |
) |
|
$ |
167,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Fair Value
Hierarchy
Level |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
Level 1 |
|
$ |
14,682 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,682 |
|
Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
Level 1 |
|
|
5,462 |
|
|
|
5 |
|
|
|
— |
|
|
|
5,467 |
|
U.S. government agency securities |
|
Level 2 |
|
|
996 |
|
|
|
— |
|
|
|
— |
|
|
|
996 |
|
Corporate debt securities |
|
Level 2 |
|
|
19,194 |
|
|
|
21 |
|
|
|
— |
|
|
|
19,215 |
|
Commercial paper |
|
Level 2 |
|
|
2,738 |
|
|
|
1 |
|
|
|
— |
|
|
|
2,739 |
|
Long-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate debt securities |
|
Level 2 |
|
|
3,493 |
|
|
|
1 |
|
|
|
— |
|
|
|
3,494 |
|
Total |
|
|
|
$ |
46,565 |
|
|
$ |
28 |
|
|
$ |
— |
|
|
$ |
46,593 |
|
|
| Schedule of Fair Value of Available for Sale Investments by Classification |
The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows as of March 31, 2026 and December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Cash equivalents |
|
$ |
30,265 |
|
|
$ |
14,682 |
|
Short-term investments |
|
|
108,040 |
|
|
|
28,417 |
|
Long-term investments |
|
|
28,783 |
|
|
|
3,494 |
|
Total |
|
$ |
167,088 |
|
|
$ |
46,593 |
|
|
| Schedule of Fair Value of Available-for-Sale Investments by Contractual Maturity |
The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows as of March 31, 2026 and December 31, 2025 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2026 |
|
|
2025 |
|
Maturing in one year or less |
|
$ |
138,305 |
|
|
$ |
43,099 |
|
Maturing after one year through five years |
|
|
28,783 |
|
|
|
3,494 |
|
Total |
|
$ |
167,088 |
|
|
$ |
46,593 |
|
|