| Fair Value Measurements |
Note 4. Fair Value Measurements The following tables summarize the Company’s financial assets, which consist of cash equivalents and marketable securities, presented at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
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March 31, 2026 |
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Fair Value
Hierarchy |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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|
Fair
Value |
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Financial assets |
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Cash equivalents: |
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Money market funds |
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Level 1 |
|
$ |
148,094 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
148,094 |
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Total cash equivalents |
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|
$ |
148,094 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
148,094 |
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Marketable securities, current: |
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Commercial paper |
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Level 2 |
|
$ |
158,234 |
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|
$ |
3 |
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|
$ |
(381 |
) |
|
$ |
157,856 |
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U.S. government securities |
|
Level 2 |
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|
192,794 |
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|
|
26 |
|
|
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(67 |
) |
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|
192,753 |
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Total marketable securities, current |
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|
$ |
351,028 |
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|
$ |
29 |
|
|
$ |
(448 |
) |
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$ |
350,609 |
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Marketable securities, non-current: |
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Commercial paper |
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Level 2 |
|
$ |
53,925 |
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|
$ |
— |
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|
$ |
(178 |
) |
|
$ |
53,747 |
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U.S. government securities |
|
Level 2 |
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|
29,903 |
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|
|
— |
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(74 |
) |
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|
29,829 |
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Total marketable securities, non-current |
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$ |
83,828 |
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|
$ |
— |
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|
$ |
(252 |
) |
|
$ |
83,576 |
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December 31, 2025 |
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|
Fair Value
Hierarchy |
|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Fair
Value |
|
Financial assets |
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|
|
|
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Cash equivalents: |
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Money market funds |
|
Level 1 |
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$ |
84,960 |
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|
$ |
— |
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$ |
— |
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$ |
84,960 |
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Total cash equivalents |
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$ |
84,960 |
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|
$ |
— |
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|
$ |
— |
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$ |
84,960 |
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Marketable securities, current: |
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Commercial paper |
|
Level 2 |
|
$ |
107,870 |
|
|
$ |
65 |
|
|
$ |
— |
|
|
$ |
107,935 |
|
U.S. government securities |
|
Level 2 |
|
|
123,204 |
|
|
|
154 |
|
|
|
— |
|
|
|
123,358 |
|
Total marketable securities, current |
|
|
|
$ |
231,074 |
|
|
$ |
219 |
|
|
$ |
— |
|
|
$ |
231,293 |
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The Company did not hold any financial assets that would be classified as Level 3 in the fair value hierarchy during the three months ended March 31, 2026 and 2025. Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair values due to their liquid or short-term nature, such as cash, prepaid expenses, accounts payable, and accrued expenses.
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