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

Note 3. Fair value measurements

 

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

 

 

 

 

 

 

Fair value measurements as of March 31, 2026 using

 

 

 

 

 

 

Quoted prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

active markets

 

 

other

 

 

unobservable

 

 

 

March 31,

 

 

for identical

 

 

observable

 

 

inputs

 

 

 

2026

 

 

assets (level 1)

 

 

inputs (level 2)

 

 

(level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

32,221

 

 

$

32,221

 

 

$

—

 

 

$

—

 

Commercial paper(1)

 

 

11,967

 

 

 

—

 

 

 

11,967

 

 

 

—

 

US treasury securities(2)

 

 

67,170

 

 

 

67,170

 

 

 

—

 

 

 

—

 

US government agency securities(2)

 

 

48,306

 

 

 

—

 

 

 

48,306

 

 

 

—

 

Corporate debt securities(2)

 

 

12,531

 

 

 

—

 

 

 

12,531

 

 

 

—

 

Commercial paper(2)

 

 

68,525

 

 

 

—

 

 

 

68,525

 

 

 

—

 

US treasury securities(3)

 

 

131,157

 

 

 

131,157

 

 

 

—

 

 

 

—

 

US government agency securities(3)

 

 

33,562

 

 

 

—

 

 

 

33,562

 

 

 

—

 

Total fair value of assets

 

$

405,439

 

 

$

230,548

 

 

$

174,891

 

 

$

—

 

 

(1)
Included as cash and cash equivalents on the condensed consolidated balance sheets.
(2)
Included as short-term marketable securities on the condensed consolidated balance sheets.
(3)
Included as long-term marketable securities on the condensed consolidated balance sheets.

 

 

 

 

 

 

Fair value measurements as of December 31, 2025 using

 

 

 

 

 

 

Quoted prices in

 

 

Significant

 

 

Significant

 

 

 

 

 

 

active markets

 

 

other

 

 

unobservable

 

 

 

December 31,

 

 

for identical

 

 

observable

 

 

inputs

 

 

 

2025

 

 

assets (level 1)

 

 

inputs (level 2)

 

 

(level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

62,229

 

 

$

62,229

 

 

$

—

 

 

$

—

 

Commercial paper(1)

 

 

4,986

 

 

 

—

 

 

 

4,986

 

 

 

—

 

US treasury securities(2)

 

 

99,914

 

 

 

99,914

 

 

 

—

 

 

 

—

 

US government agency securities(2)

 

 

74,563

 

 

 

—

 

 

 

74,563

 

 

 

—

 

Commercial paper(2)

 

 

27,793

 

 

 

—

 

 

 

27,793

 

 

 

—

 

US treasury securities(3)

 

 

47,780

 

 

 

47,780

 

 

 

—

 

 

 

—

 

US government agency securities(3)

 

 

17,941

 

 

 

—

 

 

 

17,941

 

 

 

—

 

Total fair value of assets

 

$

335,206

 

 

$

209,923

 

 

$

125,283

 

 

$

—

 

 

(1)
Included as cash and cash equivalents on the condensed consolidated balance sheets.
(2)
Included as short-term marketable securities on the condensed consolidated balance sheets.
(3)
Included as long-term marketable securities on the condensed consolidated balance sheets.

 

The carrying amounts of the Company’s financial instruments, including cash, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities, approximate fair value due to their short maturities. Cash equivalents consist of money market funds and commercial paper, short-term marketable securities consist of US treasury securities, US government agency securities, corporate debt securities, and commercial paper, and long-term marketable securities consist of US treasury securities and US government agency securities. The Company obtains pricing information from its investment manager and generally determines the fair value of marketable securities using standard observable inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, and bid and/or offers. No transfers between levels have occurred during the periods presented.