v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures and reports its cash equivalents, restricted cash, and investments at fair value.
Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs, except for investments in U.S. treasury securities which are classified as Level 1.
There were no Level 3 assets or liabilities as of March 31, 2026 and as of December 31, 2025.
Financial assets subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2026 and as of December 31, 2025 are presented in the following tables: 

March 31, 2026
Level 1Level 2Level 3Fair Value
(In thousands)
Financial Assets:
Money market funds (1)$25,055 $— $— $25,055 
Commercial paper— 86,739 — 86,739 
Corporate bonds— 69,100 — 69,100 
U.S. treasury securities61,834 — — 61,834 
U.S. agency securities— 18,904 — 18,904 
Total financial assets$86,889 $174,743 $— $261,632 

December 31, 2025
Level 1Level 2Level 3Fair Value
(In thousands)
Financial Assets:
Money market funds (1)$48,576 $— $— $48,576 
Commercial paper— 42,704 — 42,704 
Corporate bonds— 53,705 — 53,705 
U.S. treasury securities76,157 — — 76,157 
U.S. agency securities— 33,999 — 33,999 
Total financial assets$124,733 $130,408 $— $255,141 
(1)Included within cash and cash equivalents on the Company’s condensed balance sheets.