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

4. Fair Value

The following tables provide a summary of the assets that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):

 

 

Fair Value Measurements as of
March 31, 2026

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

3,964

 

 

$

—

 

 

$

—

 

 

$

3,964

 

Money Market Funds

 

 

34,346

 

 

 

—

 

 

 

—

 

 

 

34,346

 

U.S. Treasury Bills

 

 

—

 

 

 

19,913

 

 

 

—

 

 

 

19,913

 

Total

 

$

38,310

 

 

$

19,913

 

 

$

—

 

 

$

58,223

 

 

 

 

Fair Value Measurements as of
December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

3,280

 

 

$

—

 

 

$

—

 

 

$

3,280

 

Money Market Funds

 

 

53,713

 

 

 

—

 

 

 

—

 

 

 

53,713

 

U.S. Treasury Bills

 

 

—

 

 

 

19,964

 

 

 

—

 

 

 

19,964

 

Total

 

$

56,993

 

 

$

19,964

 

 

$

—

 

 

$

76,957

 

Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. Money market funds and U.S. Treasury bills were included as cash and cash equivalents in the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 due to a maturity date at the time of purchase of less than 90 days. The Company obtains the fair value of its Level 2 cash equivalents and short-term investments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable.