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

3. Fair Value Measurements

The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. Cash and cash equivalents includes money market funds and certain corporate securities, which are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Marketable securities are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs, except for investments in U.S. treasury securities which are classified as Level 1. There were no Level 3 assets or liabilities at March 31, 2026.

The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of March 31, 2026, and December 31, 2025:

 

 

 

As of March 31, 2026

 

 

 

Carrying
Amount

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair
Value

 

 

Quoted
price in
active
markets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

 

Significant
unobservable
inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

36,053

 

 

$

—

 

 

$

—

 

 

$

36,053

 

 

$

36,053

 

 

$

—

 

 

$

—

 

Corporate securities

 

 

26,991

 

 

 

2

 

 

 

(44

)

 

 

26,949

 

 

 

—

 

 

 

26,949

 

 

 

—

 

Government securities

 

 

30,438

 

 

 

25

 

 

 

(7

)

 

 

30,456

 

 

 

30,456

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

93,482

 

 

$

27

 

 

$

(51

)

 

$

93,458

 

 

$

66,509

 

 

$

26,949

 

 

$

—

 

 

 

 

 

As of December 31, 2025

 

 

 

Carrying
Amount

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair
Value

 

 

Quoted
Price in
Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,909

 

 

$

—

 

 

$

—

 

 

$

29,909

 

 

$

29,909

 

 

$

—

 

 

$

—

 

Corporate securities

 

 

30,636

 

 

 

12

 

 

 

(4

)

 

 

30,644

 

 

 

—

 

 

 

30,644

 

 

 

—

 

Government securities

 

 

52,229

 

 

 

68

 

 

 

—

 

 

 

52,297

 

 

 

52,297

 

 

 

—

 

 

 

—

 

Total financial assets

 

$

112,774

 

 

$

80

 

 

$

(4

)

 

$

112,850

 

 

$

82,206

 

 

$

30,644

 

 

$

—

 

 

Cash and Cash Equivalents — As of March 31, 2026, the Company had aggregate cash and cash equivalents of $39,130, including cash equivalents of $39,039, consisting of $36,053 of money market funds and $2,986 of corporate securities. As of December 31, 2025, the Company had aggregate cash and cash equivalents of $37,983, including cash equivalents of $37,890 consisting of $29,909 of money market funds and $7,981 of corporate securities.

Marketable Securities — Marketable securities of $54,419 as of March 31, 2026, consisted of corporate debt securities of $23,963 and government debt securities of $30,456. There were $54,419 current marketable securities and no noncurrent marketable securities as of March 31, 2026. Marketable securities of $74,960 as of December 31, 2025, consisted of corporate
debt securities of $22,663 and government debt securities of $52,298. There were $74,960 current marketable
securities and no noncurrent marketable securities as of December 31, 2025.

As of March 31, 2026, and December 31, 2025, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded.