Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
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| Schedule of Financial Assets and Liabilities Measured at Fair Value |
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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| Schedule of Short-Term Investments |
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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| Schedule of Contractual Maturities of Short-term Investments |
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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| Schedule of Assumptions Used in Option-Pricing Model to Determine Fair Value of Series B Preferred Stock Tranche Right Liability |
The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:
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Three Months Ended March 31, |
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2026 |
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2025 |
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Expected volatility |
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91.2 |
% |
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92.1 |
% |
Expected dividends |
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0 |
% |
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0 |
% |
Expected term (in years) |
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6.0 |
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6.0 |
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Risk-free rate |
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3.86 |
% |
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4.31 |
% |
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