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

5. Fair Value of Financial Instruments

Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a nonrecurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The Company follows the provisions of ASC 820, Fair Value Measurement, for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements be classified and disclosed in one of the following three categories:

•
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liabilities.
•
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:

 

 

Fair value measurement at reporting date using

 

(in thousands)

 

Quoted prices
in active
markets for
identical
assets
(Level 1)

 

 

Significant
other
observable
inputs
(Level 2)

 

 

Significant
unobservable
inputs
(Level 3)

 

March 31, 2026

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

Money market funds

 

$

19,956

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

    Corporate debt securities

 

 

—

 

 

 

27,569

 

 

 

—

 

    U.S. government securities

 

 

—

 

 

 

32,229

 

 

 

—

 

Total marketable securities

 

 

—

 

 

 

59,798

 

 

 

—

 

Total financial assets

 

$

19,956

 

 

$

59,798

 

 

$

—

 

 

 

 

 

 

 

 

 

 

December 31, 2025

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

Money market funds

 

$

21,620

 

 

$

—

 

 

$

—

 

U.S. government securities

 

 

—

 

 

 

12,461

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

    Corporate debt securities

 

 

—

 

 

 

31,027

 

 

 

—

 

    U.S. government securities

 

 

—

 

 

 

36,931

 

 

 

—

 

Total marketable securities

 

 

—

 

 

 

67,958

 

 

 

—

 

Total financial assets

 

$

21,620

 

 

$

80,419

 

 

$

—