| Fair Value Measurements |
4. Fair Value Measurements
The following tables present
the Company’s fair value hierarchy for financial assets measured as of March 31, 2026 and December 31, 2025 (in thousands):
| | |
March 31, 2026 | |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Cash equivalents | |
| | |
| | |
| | |
| |
| Money market funds | |
$ | 13,627 | | |
$ | — | | |
$ | — | | |
$ | 13,627 | |
| Commercial papers | |
| — | | |
| 31,787 | | |
| — | | |
| 31,787 | |
| Total cash equivalents | |
| 13,627 | | |
| 31,787 | | |
| — | | |
| 45,414 | |
| Marketable securities | |
| | | |
| | | |
| | | |
| | |
| Marketable securities, current | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| — | | |
| 193,747 | | |
| — | | |
| 193,747 | |
| U.S. government agency securities | |
| — | | |
| 26,607 | | |
| — | | |
| 26,607 | |
| Commercial papers | |
| — | | |
| 18,979 | | |
| — | | |
| 18,979 | |
| Corporate debt securities | |
| — | | |
| 99,976 | | |
| — | | |
| 99,976 | |
| Total marketable securities, current | |
| — | | |
| 339,309 | | |
| — | | |
| 339,309 | |
| Marketable securities, long-term | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| — | | |
| 75,332 | | |
| — | | |
| 75,332 | |
| Corporate debt securities | |
| — | | |
| 18,927 | | |
| — | | |
| 18,927 | |
| U.S. government agency securities | |
| — | | |
| 12,864 | | |
| — | | |
| 12,864 | |
| Total marketable securities, long-term | |
| — | | |
| 107,123 | | |
| — | | |
| 107,123 | |
| Total cash equivalents and marketable securities | |
$ | 13,627 | | |
$ | 478,219 | | |
$ | — | | |
$ | 491,846 | |
There were no transfers in
or out of Level 3 during the three months ended March 31, 2026.
| | |
December 31, 2025 | |
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Cash equivalents | |
| | |
| | |
| | |
| |
| Money market funds | |
$ | 30,268 | | |
$ | — | | |
$ | — | | |
$ | 30,268 | |
| Commercial papers | |
| — | | |
| 14,483 | | |
| — | | |
| 14,483 | |
| Total cash equivalents | |
| 30,268 | | |
| 14,483 | | |
| — | | |
| 44,751 | |
| Marketable securities | |
| | | |
| | | |
| | | |
| | |
| Marketable securities, current | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| — | | |
| 195,915 | | |
| — | | |
| 195,915 | |
| U.S. government agency securities | |
| — | | |
| 28,757 | | |
| — | | |
| 28,757 | |
| Commercial papers | |
| — | | |
| 21,241 | | |
| — | | |
| 21,241 | |
| Corporate debt securities | |
| — | | |
| 44,196 | | |
| — | | |
| 44,196 | |
| Total marketable securities, current | |
| — | | |
| 290,109 | | |
| — | | |
| 290,109 | |
| Marketable securities, long-term | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| — | | |
| 75,730 | | |
| — | | |
| 75,730 | |
| Corporate debt securities | |
| — | | |
| 54,998 | | |
| — | | |
| 54,998 | |
| U.S. government agency securities | |
| — | | |
| 11,811 | | |
| — | | |
| 11,811 | |
| Total marketable securities, long-term | |
| — | | |
| 142,539 | | |
| — | | |
| 142,539 | |
| Total cash equivalents and marketable securities | |
$ | 30,268 | | |
$ | 447,131 | | |
$ | — | | |
$ | 477,399 | |
|