Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value

The following tables represent the Company’s financial assets and liabilities according to the fair value hierarchy, measured at fair value (in thousands):


March 31, 2026		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents:
Money market funds		$	42,443			$	—			$	—			$	42,443
Marketable securities
U.S. Treasury Bills			13,751				49,806				—				63,557
U.S. Notes and Bonds			—				32,375				—				32,375
Total assets, at fair value		$	56,194			$	82,181			$	—			$	138,375


December 31, 2025		Level 1				Level 2				Level 3				Total
Assets
Cash equivalents:
Money market funds		$	34,918			$	—			$	—			$	34,918
Marketable securities
U.S. Treasury Bills			7,900				53,329				—				61,229
U.S. Notes and Bonds			—				57,556				—				57,556
Total assets, at fair value		$	42,818			$	110,885			$	—			$	153,703

Reconciliation of Fair Value and Amortized Cost of Cash Equivalents and Available-for-sale Marketable Securities

The fair value and amortized cost of Level 1 and 2 available-for-sale marketable securities as of March 31, 2026 and December 31, 2025 are presented in the following table (in thousands):


March 31, 2026		Amortized Cost Basis				Unrealized Gains				Unrealized Losses				Estimated Fair Value
U.S. Treasury bills		$	63,570			$	8			$	(21	)		$	63,557
U.S. Notes and Bonds			32,344				31				—				32,375
Total marketable securities		$	95,914			$	39			$	(21	)		$	95,932



December 31, 2025		Amortized Cost Basis				Unrealized Gains				Unrealized Losses				Estimated Fair Value
U.S. Treasury bills		$	61,178			$	51			$	—			$	61,229
U.S. Notes and Bonds			57,448				108				—				57,556
Total marketable securities		$	118,626			$	159			$	—			$	118,785

Summary of Fair Value of Available-for-sale Marketable Securities by Contractual Maturities

The fair value of available-for-sale marketable securities by contractual maturities as of March 31, 2026 are presented in the following table (in thousands):


		March 31,
		2026
Due in less than one year		$	95,932
Due in one to two years			—
Total marketable securities		$	95,932