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 tables summarize financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

March 31, 2026

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds (included in cash and cash equivalents)

 

$

23,503

 

 

$

23,503

 

 

$

—

 

 

$

—

 

U.S. government bonds

 

 

59,659

 

 

 

—

 

 

 

59,659

 

 

 

—

 

Government agency obligations

 

 

18,306

 

 

 

—

 

 

 

18,306

 

 

 

—

 

Corporate debt obligations

 

 

18,700

 

 

 

—

 

 

 

18,700

 

 

 

—

 

Commercial paper

 

 

18,191

 

 

 

—

 

 

 

18,191

 

 

 

—

 

Total fair value of assets

 

$

138,359

 

 

$

23,503

 

 

$

114,856

 

 

$

—

 

 

 

December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Money market funds (included in cash and cash equivalents)

 

$

40,721

 

 

$

40,721

 

 

$

—

 

 

$

—

 

U.S. government bonds

 

 

72,177

 

 

 

—

 

 

 

72,177

 

 

 

—

 

Government agency obligations

 

 

15,825

 

 

 

—

 

 

 

15,825

 

 

 

—

 

Corporate debt obligations

 

 

15,211

 

 

 

—

 

 

 

15,211

 

 

 

—

 

Commercial paper

 

 

15,864

 

 

 

—

 

 

 

15,864

 

 

 

—

 

Total fair value of assets

 

$

159,798

 

 

$

40,721

 

 

$

119,077

 

 

$

—

 

In addition, restricted cash of $4.4 million and $5.2 million as of March 31, 2026 and December 31, 2025, respectively, collateralized by the Company’s cash equivalents, are financial assets measured at fair value and are Level 1 financial instruments under the fair value hierarchy.

The Company has investments in preferred stock, common stock and warrants of Affini-T Therapeutics, Inc. (“Affini-T”) (see Note 5, “Long-Term Investments”) which are Level 3 financial assets. The equity value of the investments in Affini-T was determined under a fair-value hybrid method with the changes in fair value recorded within other income (expense), net. The hybrid method is a hybrid between the probability-weighted expected returns method (the “PWERM”) and the option-pricing model backsolve method (the “OPM”). As of March 31, 2026 and December 31, 2025, the estimated fair value of the Company’s investments in Affini-T was zero. During the three months ended March 31, 2026 and 2025, the Company did not record any changes in the fair value of the Company’s Level 3 financial assets.