v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of Financial Assets and Liabilities Measured on a Recurring Basis

Fair Value Measurements

March 31, 2026

(in thousands)

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Financial Assets:

 

 

  ​

 

  ​

 

  ​

Cash equivalents(1)

$

110,493

$

3,945

$

$

114,438

Marketable debt securities:

 

 

 

 

U.S. treasury securities

24,444

24,444

Commercial paper and corporate notes

27,366

27,366

Total

$

134,937

$

31,311

$

$

166,248

Financial Liabilities:

 

 

  ​

 

  ​

 

  ​

Royalty Fee Derivative Liability

$

$

$

1,490

$

1,490

Fair Value Measurements

December 31, 2025

(in thousands)

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Financial Assets:

 

 

  ​

 

  ​

 

  ​

Cash equivalents(1)

$

78,278

$

1,708

$

$

79,986

Marketable debt securities:

 

 

 

 

U.S. government agency securities

3,803

3,803

U.S. treasury securities

42,303

42,303

Commercial paper and corporate notes

37,140

37,140

Total

$

124,384

$

38,848

$

$

163,232

Financial Liabilities:

Royalty Fee Derivative Liability

$

$

$

1,490

$

1,490

(1)Cash equivalents may include the following: money market funds, U.S. treasury securities, commercial paper or corporate notes with original maturities of 90 days or less.
Schedule of Cash and cash equivalents, marketable securities and restricted cash

March 31, 2026

(in thousands)

  ​ ​ ​

Cost

  ​ ​ ​

Unrealized Gain

  ​ ​ ​

Unrealized (Loss)

  ​ ​ ​

Fair Value

Money market funds

$

110,493

$

$

$

110,493

U.S. treasury securities

24,438

6

24,444

Commercial paper and corporate notes

31,310

5

(4)

31,311

Total

$

166,241

 

$

11

$

(4)

$

166,248

December 31, 2025

(in thousands)

  ​ ​ ​

Cost

  ​ ​ ​

Unrealized Gain

  ​ ​ ​

Unrealized (Loss)

  ​ ​ ​

Fair Value

Money market funds

$

78,278

$

$

$

78,278

U.S. government agency securities

3,800

 

3

3,803

U.S. treasury securities

42,257

46

42,303

Commercial paper and corporate notes

38,817

31

38,848

Total

$

163,152

 

$

80

$

$

163,232