v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three levels of inputs that may be used to measure fair value are as follows:

Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3—Inputs are unobservable inputs for the asset or liability.

The Company’s cash equivalents consist of investments in U.S. government money market funds stated at carrying value, which approximates fair value and is based on quoted prices in active markets for identical securities. Cash is stated at carrying value, which approximates fair value due to its short-term nature. The Company classifies its investments in U.S. Treasury securities as Level 2 assets as these assets are not traded in an active market and have been valued through a third-party pricing service based on quoted prices for similar assets. The carrying values of the Company’s prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to their short-term nature.

The following table presents information about the Company’s financial assets and investments measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values:

 

 

As of March 31, 2026:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (money market)

 

$

48,820

 

 

$

-

 

 

$

-

 

 

$

48,820

 

Current portion of investments in U.S. Treasury securities

 

 

-

 

 

 

121,275

 

 

 

-

 

 

 

121,275

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Non-current portion of investments in U.S. Treasury securities

 

 

-

 

 

 

34,510

 

 

 

-

 

 

 

34,510

 

 

$

48,820

 

 

$

155,785

 

 

$

-

 

 

$

204,605

 

 

 

 

As of December 31, 2025:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (money market)

 

$

40,178

 

 

$

-

 

 

$

-

 

 

$

40,178

 

Current portion of investments in U.S. Treasury securities

 

 

-

 

 

 

118,767

 

 

 

-

 

 

 

118,767

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

Non-current portion of investments in U.S. Treasury securities

 

 

-

 

 

 

64,801

 

 

 

-

 

 

 

64,801

 

 

$

40,178

 

 

$

183,568

 

 

$

-

 

 

$

223,746

 

Investments in U.S. Treasury securities, which are classified as available-for-sale securities, consisted of the following as of March 31, 2026 and December 31, 2025:

 

 

As of March 31, 2026:

 

 

 

Amortized Cost Basis

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

155,927

 

 

$

-

 

 

$

(142

)

 

$

155,785

 

 

$

155,927

 

 

$

-

 

 

$

(142

)

 

$

155,785

 

 

 

 

As of December 31, 2025:

 

 

 

Amortized Cost Basis

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

183,380

 

 

$

188

 

 

$

-

 

 

$

183,568

 

 

$

183,380

 

 

$

188

 

 

$

-

 

 

$

183,568

 

All investments in U.S. Treasury securities classified as available-for-sale securities held as of March 31, 2026 and December 31, 2025 had contractual maturities of less than one year for the current portion of investments in U.S. Treasury securities and between one to two years for the non-current portion of investments in U.S. Treasury securities. There have been no material realized gains or losses on investments classified as available-for-sale securities for the periods presented.