| Fair Value Measurements |
3. Fair value measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
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Fair Value Measurements at
March 31, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
95,894 |
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$ |
— |
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$ |
— |
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$ |
95,894 |
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Short-term investments: |
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U.S. treasury securities |
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— |
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149,847 |
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— |
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149,847 |
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Corporate debt securities |
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— |
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42,756 |
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— |
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42,756 |
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Government agency bonds |
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— |
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5,252 |
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— |
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5,252 |
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$ |
95,894 |
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$ |
197,855 |
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$ |
— |
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$ |
293,749 |
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Fair Value Measurements at
December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
85,866 |
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$ |
— |
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$ |
— |
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$ |
85,866 |
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U.S. treasury securities |
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— |
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|
14,991 |
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— |
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14,991 |
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Short-term investments: |
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U.S. treasury securities |
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— |
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159,455 |
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— |
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|
159,455 |
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Corporate debt securities |
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— |
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|
75,216 |
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— |
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|
75,216 |
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Government agency bonds |
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— |
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5,260 |
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— |
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5,260 |
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$ |
85,866 |
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$ |
254,922 |
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$ |
— |
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$ |
340,788 |
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For the three months ended March 31, 2026 and for the year ended December 31, 2025, there were no transfers between Level 1, Level 2 and Level 3. The Company classifies its U.S. treasury securities, corporate debt securities and government agency bonds as short-term based on each instrument’s availability for use in current operations. The fair value of the Company’s U.S. treasury securities, corporate debt securities and government agency bonds are classified as Level 2 because they are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Short-term investments consisted of the following (in thousands):
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March 31, 2026 |
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Amortized
Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair
Value |
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Short-term investments: |
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U.S. treasury securities |
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$ |
149,745 |
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$ |
142 |
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$ |
(40 |
) |
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$ |
149,847 |
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Corporate debt securities |
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|
42,758 |
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29 |
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(31 |
) |
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|
42,756 |
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Government agency bonds |
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|
5,252 |
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— |
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— |
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|
5,252 |
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Total short-term investments: |
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$ |
197,755 |
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$ |
171 |
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$ |
(71 |
) |
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$ |
197,855 |
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December 31, 2025 |
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Amortized
Cost |
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Gross Unrealized
Gains |
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Gross Unrealized
Losses |
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Fair
Value |
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Short-term investments: |
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U.S. treasury securities |
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$ |
159,033 |
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$ |
422 |
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$ |
— |
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$ |
159,455 |
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Corporate debt securities |
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|
75,117 |
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|
102 |
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(3 |
) |
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|
75,216 |
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Government agency bonds |
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|
5,253 |
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7 |
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— |
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|
5,260 |
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Total short-term investments: |
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$ |
239,403 |
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$ |
531 |
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$ |
(3 |
) |
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$ |
239,931 |
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The contractual maturities of the Company’s short-term investments in available-for-sale securities held were as follows (in thousands):
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March 31,
2026 |
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December 31, 2025 |
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Due within one year |
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$ |
186,796 |
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$ |
221,506 |
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Due after one year through two years |
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|
11,059 |
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|
18,425 |
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Total available-for-sale securities |
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$ |
197,855 |
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$ |
239,931 |
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