Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Total

As of March 31, 2026

Cash equivalents:

U.S. Treasury money market funds

$

38,235

$

—

$

—

$

38,235

Short-term investments:

U.S. government securities

163,981

—

—

163,981

Current liabilities:

Royalty purchase and sale agreement derivative

—

—

374

374

As of December 31, 2025

Cash equivalents:

U.S. Treasury money market funds

$

32,210

$

—

$

—

$

32,210

Short-term investments:

U.S. government securities

205,522

—

—

205,522

Current liabilities:

Royalty purchase and sale agreement derivative

—

—

362

362