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

3. Fair value measurements

The following table sets forth by level, within the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis (in thousands):

 

 

 

Fair value measurements as of March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

371,130

 

 

$

—

 

 

$

—

 

 

$

371,130

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

35,188

 

 

 

—

 

 

 

35,188

 

Treasury bills

 

 

87,731

 

 

 

—

 

 

 

—

 

 

 

87,731

 

Corporate debt securities

 

 

—

 

 

 

18,563

 

 

 

—

 

 

 

18,563

 

Agency bonds

 

 

—

 

 

 

25,372

 

 

 

—

 

 

 

25,372

 

Total marketable securities

 

 

87,731

 

 

 

79,123

 

 

 

—

 

 

 

166,854

 

Restricted cash equivalents

 

 

1,149

 

 

 

—

 

 

 

—

 

 

 

1,149

 

Total financial assets

 

$

460,010

 

 

$

79,123

 

 

$

—

 

 

$

539,133

 

 

 

 

 

Fair value measurements as of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

37,284

 

 

$

—

 

 

$

—

 

 

$

37,284

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

55,292

 

 

 

—

 

 

 

55,292

 

Treasury bills

 

 

87,973

 

 

 

—

 

 

 

—

 

 

 

87,973

 

Corporate debt securities

 

 

—

 

 

 

18,529

 

 

 

—

 

 

 

18,529

 

Agency bonds

 

 

—

 

 

 

27,209

 

 

 

—

 

 

 

27,209

 

Total marketable securities

 

 

87,973

 

 

 

101,030

 

 

 

—

 

 

 

189,003

 

Restricted cash equivalents

 

 

1,149

 

 

 

—

 

 

 

—

 

 

 

1,149

 

Total financial assets

 

$

126,406

 

 

$

101,030

 

 

$

—

 

 

$

227,436

 

 

During the three months ended March 31, 2026, there were no transfers or reclassifications between fair value measurement levels of financial assets. The carrying values of prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. The Company had no other financial liabilities for the periods presented above.

Valuation of marketable securities

The Company classifies its treasury bills as Level 1 assets under the fair value hierarchy, as these securities have been valued using quoted market prices for identical assets in active markets without any valuation adjustment. The Company classifies its commercial paper, corporate debt securities, and agency bonds as Level 2 assets under the fair value hierarchy, as these assets have been valued using quoted prices in active markets for similar securities.